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Forex

Dollar treads water as traders focus on Yellen speech

forex

The dollar crept up on Wednesday after falling the previous day, but was unable to break out of its recent trading ranges, as investors focused on a gathering of central bankers for clues on when the U.S (Other OTC: UBGXF – news) . Federal Reserve will hike interest rates again.

Analysts said data on Tuesday that showed new U.S. single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years, had helped the dollar marginally.

The main focus remained on the global central banks that will gather in the U.S. mountain resort of Jackson Hole later this week, where Fed Chair Janet Yellen will deliver her speech on Friday

Recent hawkish comments from Fed Vice Chairman Stanley Fischer and New York Fed President William Dudley have raised some investors’ expectations that Yellen might signal that interest rates could rise as soon as September.

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Paul

The author Paul