HomeFinancial MarketsDollar Retreats Ahead of Fed Chair Speech

Dollar Retreats Ahead of Fed Chair Speech

The U.S. dollar retreated from a 10-week high against major peers on Tuesday despite Treasury yields surging toward a 16-year high. This comes as investors brace for Federal Reserve Chair Jerome Powell’s speech from Jackson Hole later this week.

Measuring the dollar against a basket of major currencies, the U.S. dollar index fell by 0.14% to 103.18, still just shy of Friday’s 103.68, a peak since June 12. The benchmark 10-year U.S. Treasury yield hit 4.366%; its highest level since November 2007.

“Surging long-term U.S. yields and the underwhelming response by China’s policymakers to ongoing stresses in China’s property and financial markets continue to provide bullish impulse,” Richard Franulovich, a currency strategist at Westpac, stated with regard to investors’ perceptions of the U.S. dollar.

The dollar fell 0.22% against the Japanese yen to 145.935. The sterling gained 0.16% against the dollar to $1.27765, while the euro rose 0.15% against the greenback to $1.0912.

Home Sales Plummeted in August According to Pending Data

Pending home sales for August were down 7.1% from the previous month, data from the National Association of Realtors revealed. This far outpaces the...

Stocks Fall After the Release of GDP Data

U.S. stocks declined on Thursday as investors digested the latest round of GDP data. Estimates on Thursday showed that the U.S. economy's GDP for...

Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk

Hyundai and Kia are in the process of recalling over 3.4 million vehicles in the United States due to a fire risk. Both automakers...