Greenback wavers, poised for weekly revenues ahead of Yellen’s speech
On Friday, the greenback remained on tenterhooks, finding itself on track for a moderate weekly soar ahead of Fed Chair Janet Yellen's long-awaited speech that some believe could ensure clarity on whether American interest rates will soar this year or not.
The US dollar dipped 0.1% against the Japanese yen at 100.46 yen, while it remained intact against the euro at $1.1290.
The dollar index, estimating the greenback’s value against six key counterparts, slumped 0.1% to 94.718.
Later on Friday, Fed Chair is expected to deliver her speech at a global major bank meeting in Jackson Hole, Wyoming. Yellen could provide a clear signal that the Fed is all geared up towards a rate hike this year, although many experts are assured that she’ll stick to her less concrete stance that monetary policy appears to be data-dependent and a rate lift is probable.
The anticipation is quite exaggerated, especially considering that Yellen is considered to be one of the most balanced and pragmatic speakers.