The dollar continues to go down this week, the tremors from last week’s continues to hunt the currency as it sinks further down today. The Federal Reserve’s Janet Yellen was the culprit of last week’s stumble with yet another muted mouth on the possible monetary policy that investors and analysts are itching to hear about.
On a larger note, the dollar now faces a big hurdle as it sits atop a 3-week low against the euro and tallies another one-week low against the yen. It has been a rough Monday for the greenback today as they gain before the Jackson Hole continues to dwindle down.
The Dollar This Monday
After the lingering thoughts and backlashes from Yellen last Friday, the greenback sinks to a whole new low against the euro. Its European counter manages to sneak a solid1% increase against the dollar before easing at a 0.6% at $1.1862, making it one of the highest levels it tallies since January of 2015. On the same figures, the greenback was also struggling against the Swedish crown last May of 2016.
Some of the euro gains are translated by another figure in the Jackson Hole meeting last Friday; the European Central Bank President Mario Draghi shrugs any possible rumors about his concerns on the growing euro zone currency as most analysts are expecting.
Yen, Dollar Debacle
The lack of any interests or any comments about the next monetary policy, Yellen shifted the whole status quo and focused on the US regulations; commenting on the latter 2007-2009 financial crisis which strengthens the financial system without impeding economic growth.
On that note, the dollar fell to a one-week low against the yen at 109.23 after the symposium and was seen trading at 0.2% at $1.1862. The dollar has been badly beaten ever since Friday, although a lot of investors aren’t assuming or expecting any monetary policy from Yellen last Friday, a bunch had also expected at least a tinge of comment or traction from the Federal Reserve’s Chair.
The dollar Index, this measures the strength of the dollar against major currencies, was slumping today by about 0.3% at 92.486 against 6 major currencies around the world. The dollar index hits its lowest level, even tallying to some of the lost it suffered from May 3 of last year. The Friday loss from the Jackson Hole symposium and the growing worries on Yellen continues to drag the dollar with no signs of resistance in the near future.
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