Federal Reserve’s Powell Suggests Gradual Approach to Interest Rates in Jackson Hole Speech

In a significant development, the U.S. dollar maintained stability on Friday, potentially wrapping up the week on a strong note.

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The U.S. dollar index, a key indicator of the currency’s performance against major peers, exhibited little change at $104.06, with a brief spike to 104.44, its highest since June 1.

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This aligns with their projection of a 25 basis point increase in November, followed by a sequence of 75 basis point cuts throughout the following year, beginning in June.

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The euro, facing weakening growth prospects and waning confidence in rate hikes, registered a minor 0.01% decline against the dollar, settling at $1.08085.

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Furthermore, the dollar’s strength against the yen was noticeable, rising by 0.31% to reach 146.28.

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