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The US Dollar Index has surged and managed to regain the uptrend after Fed Chairman Jerome Powell’s speech before Fed’s annual Jackson Hole Symposium, Friday morning, as the US central bank chair stressed that the monetary policymakers do not have the luxury to stop raising interest rates in the coming FOMC meetings.
The Dollar Index, which measures the performance of the US currency against the major rival currencies, rose to 108.75 points, compared to the last daily close, which recorded 198.47 points.
The index fell to its lowest level in the current trading day at 107.59 points, compared to the highest levels, which recorded 108.83 points.
Speaking Friday at the Jackson Hole Forum on Central Banking, Monetary and Economic Policy, Jerome Powell, Chairman of the Federal Reserve Board of Governors, said there was “no way to stop raising rates or stop raising them temporarily.”
“As we adopt higher interest rates, slower growth, and less improvement in US labor market conditions, we will be able to control inflation,” Powell added.
