Solid Gold Berjangka | Dollar Retreats Slightly, Powell’s Jackson Hole Speech Seen Key

08:21 22 August in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

The U.S. dollar retreated in early European trade Tuesday as risk sentiment received a boost from strong tech-led gains on Wall Street, but trading ranges remained tight ahead of the Federal Reserve’s Jackson Hole symposium at the end of the week.

At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower at 103.042, but remained not far from Friday’s high of 103.68, a level not seen since June 12.

However, losses are minor as traders awaited a potentially crucial speech from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium later this week.

EUR/USD rose 0.2% to 1.0917, with European Central Bank President Christine Lagarde also scheduled to speak at Jackson Hole on Friday, and her comments will be carefully parsed for clues on the central bank’s next move in September.

GBP/USD rose 0.2% to 1.2783, helped by data showing that Britain borrowed less than expected in July, increasing the options for Chancellor Jeremy Hunt to boost the country’s stagnating economy.

The country’s public sector net borrowing rose £3.48 billion in July, considerably below the £17.11B the prior month and the £17.03B expected.

Elsewhere, USD/JPY fell 0.2% to 145.91, with the yen recovering from a near 10-month low to the dollar with traders wary of intervention after levels around 146 spurred the buying by Japanese officials last September.

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