HomeFinancial MarketsDollar Rises Ahead of Federal Reserve Chair Speech

Dollar Rises Ahead of Federal Reserve Chair Speech

The US dollar rose on Thursday as investors braced themselves for the Federal Reserve’s Jackson Hole symposium, with Fed Chair Jerome Powell slated to speak on Friday. Softer-than-expected economic data during the week has further muddied investors’ interest rate outlooks.

Viewed largely as a safe haven during uncertain times, the dollar emerged stronger on Thursday against a basket of major currencies with the dollar index rising 0.15% to 103.50. The pound fell 0.3% to $1.2703 as a slowdown in British factory activity raised the possibility of a UK recession. European manufacturing also stumbled, sending the euro 0.07% lower to $1.0857.

“As the Jackson Hole Symposium gets underway, market participants are looking for direction,” Isabel Albarran, Investment Officer at Close Brothers Asset Management observed. Albarran observed that the cooling labor market, weak PMIs, and downward trending CPI could indicate that interest rate hikes may be nearing their peak.

Kroger and Albertsons to Sell More Stores in Attempts to Get Merger Approval

Kroger and Albertsons have announced plans to sell more stores in an attempt to get the green light for their $25 billion merger. Kroger reached...

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...