Dollar flat near one-week high as investors await Warsh's Jackson Hole debut
The U.S. dollar remained steady around a one-week high on Friday, awaiting Federal Reserve Chair Kevin Warsh's debut speech at the Jackson Hole symposium. Major currencies like the euro and pound sterling were near one-week lows against the greenback. The dollar index also held steady at 99.13. Treasury Secretary Scott Bessent announced plans to increase purchases of longer-dated bonds, which raised concerns that efforts to keep borrowing costs low might weaken the dollar.
Market participants are eagerly awaiting Warsh's speech for insights into his monetary policy approach and how he might combat inflation. Some Fed officials reiterated worries about U.S. inflation and signaled they were open to rate hikes. However, it seems unlikely that the Fed would intervene to support Treasury yields. Bitcoin saw a slight gain, while major currencies like the Australian and New Zealand dollars climbed.
Brent crude futures hovered near $90 a barrel following a report suggesting President Trump had rejected re-establishing Iran's trade terms.
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