The Jackson Hole economic symposium will bring together Federal Reserve Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde, who are expected to provide clues for new directions on their monetary policy.
Launch investment.comTuesday, August 22, 2023, the dollar index which measures greenbacks against six major rival currencies, edged down 0.07% to 103.3100 in closing trade.
At the close of trading in New York, the euro strengthened to $1.0898 from $1.0878 in the previous session, and the pound rose to $1.2764 from $1.2740 in the previous session. the previous session.
The US Dollar bought 146.0860 Japanese Yen, higher from 145.2980 Japanese Yen in the previous session. The US dollar fell to 0.8782 Swiss francs from 0.8824 Swiss francs, and it fell to 1.3543 Canadian dollars from 1.3545 Canadian dollars. The US dollar fell to 10.9443 Swedish kronor from 10.9709 Swedish kroner.
Inflation moves moderately
Inflation in the United States is expected to move moderately and faster than elsewhere, especially in the euro zone, according to the UBS editorial team.
“We believe the Fed is closer than the European Central Bank to ending its rate hike cycle, but long-term fundamentals remain a drag on the US currency,” UBS editorial staff said.
Including expensive valuations, multiple budget and current account deficits, rating outlook and high fund allocation to the US.
The German Buba (Deutsche Bundesbank/Federal Bank) monthly report suggests that inflation could outlast the central bank’s target.
In this case, inflation risks rise, leading investors to place hawkish bets on the European Central Bank.
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