Fed’s Comments Help Boost Dollar – 27 August, 2020

A strategy by the Federal Reserve to lift employment helped the dollar gain against major currencies, reversing the index’s sharp decline in the previous session. The index rose to 93.061 against six major currencies, as Federal Reserve Chairman Jerome Powell announced the central banks plan to achieve 2% inflation on average. The euro was close to last weeks low of $1.17545, before settling slightly higher, last trading at $1.18155. The dollar rose 106.695 against the yen, while the offshore yuan was steady at 6.8819 per dollar. The pound hit its highest since New Years Eve after Powells comments before settling at $1.3193. The Aussie was last trading at $0.7264, and the kiwi stood at $0.6643 per dollar.