The dollar has been on a surge today as it continues to pressure the pound and the euro with impending central banks meeting later this week. A lot of investors have been betting on the resurging power that the dollar can have after the meeting, there is a slim chance that the greenback is taking the lead and driving most major currencies today.
Some of the overnight gains that the euro gains were all abolished due to the new found power the dollar has recuperated today. Some of the massive losses from last week were also recovered, somehow, although the next interest rate hike is still out in the open.
The euro was trading on a sluggish pace against the dollar and tallied a total loss of 0.6% against the strengthening greenback to the figures of $1.1750. The thin market the central banks meeting has opted for investors to sell the euro and root for the resurgence of the dollar. This has been a great news for the dollar as it continues to slump from the Fed’s decision to hold back the next interest rate hike in the latter part of the year.
All in all, it has been a steep ride for the euro this August. It has been on a sluggish run ever since it hits a record high of $1.1910 which was reaching peeking as a 2 and a half year high; investors remain cautious as they stray away from the currency for now.
Some of the expected delegates this coming meeting is the European Central Bank President Mario Draghi and the famous Janet Yellen of the Federal Reserve. The whole meeting or the symposium is also known as the Jackson Hole where the central banks of the world will meet to talk about the remarks of the US’ Federal Reserve.
USD Price Surges
The ICE US Dollar index, this measures the strength of the greenback against major currencies, was up by a respectable 0.5% today at 93.51. On the other hand, the much wider and bigger WSJ Dollar index, which measures the strength of the dollar against 16 currencies, was also surging by a total of 0.4% as of writing easing at the 86.22 levels.
for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!