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The dollar and euro were cautious in trading on Wednesday, August 26th, with dealers reluctance to make risky bets ahead of an important speech by US Federal Reserve Chairman Jerome Powell.
In light of growing expectations that Powell will unveil a more tolerant policy towards inflation at the annual Jackson Hole meeting on Thursday, investors are preparing for the Council to adopt new possible steps to stimulate the economy.
The dollar index, which tracks the value of the US currency against a basket of currencies, rose 0.16% to 93.11 after taking a hit yesterday after data showed US consumer confidence to its lowest level in more than six years. Against the euro, the US currency stabilized at $ 1.1818, after falling 0.4% in the previous session.
The yuan rose, near its highest level in seven months, to $ 6.8969, after US and Chinese trade officials confirmed their commitment to the Phase One trade deal, which eased concerns about the diplomatic confrontation between the world’s two largest economies. And the British pound recorded 1.3141 dollars, after rising 0.7% against the US currency yesterday.
The dollar moved in a narrow range against the yen, recording 106.32 dollars in recent trades.
The Australian dollar was little changed at $ 0.7198 as traders follow the spread of the Coronavirus in the state of Victoria.
