Dollar Dips From Two-Decade High – 24 August, 2022

The U.S. dollar pulled back from a near two decade peak against a basket of major peers as investors looked to a speech by Federal Reserve Chair Jerome Powell the following day for fresh clues on the path for monetary policy. Against six major currencies, the dollar index eased 0.15% to 108.47, just below a September 2002 high of 109.29. Investors have been bracing for the Fed to double down on its commitment to crushing inflation at its annual gathering in Jackson Hole, Wyoming. The dollar pulled back 0.25% against the yen to 136.775 yen, but remained just below this weeks one month high of 137.705. The euro edged 0.14% higher to $0.99825, after sliding to a 20-year low of $0.99005 earlier in the week. Sterling rose 0.17% to $1.18105, after dipping to the lowest since March 2020 to $1.1718 on Tuesday. The Aussie was up 0.19% to $0.6920, up from a more than one-month low of $0.6856 earlier in the week, while the Lewis was slightly higher , gaining 0.06% to $0.6194, hampered by data showing a decline in retail sales. It was at a one-month low of $0.6157 on Monday.