Investors Await Fed Signals, Dollar Droops – 26 August, 2020

The dollar stood at its lowest level for the week as investors awaited to hear whether Federal Reserve Chairman Jerome Powell will give the ok to the central bank to tweak its policy framework to fight low inflation. Against six major currencies, the dollar index stood at 92.834. After hitting a one week high of 106.58 earlier in the week, the dollar fell to 105.90. The euro last changed hands at $1.1837. The pound was steady at $1.31213 after gaining 0.9% at the start of the week, and the offshore yuan as at a six month high of 6.8774 per dollar. The Australian dollar was 1.1% higher for the week, last trading at $0.7241.