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The dollar is at its highest level in 20 years
Economy News - Baghdad
The US dollar soared to its highest level in 20 years against other major currencies on Monday after Federal Reserve Chairman Jerome Powell indicated that interest rates will remain high for a longer period in order to rein in spiraling inflation.
The dollar index, which measures the value of the US currency against a basket of other currencies, rose to a new high it had not reached in two decades at 109.48.
This left the European currencies in the doldrums even though the hawkish statements of the European Central Bank boosted expectations of a rate hike in September.
The euro fell 0.25 percent in early European trade to $0.99415, close to its lowest level in 20 years, while the pound fell to its lowest level in two and a half years.
London markets were closed for a public holiday.
Speaking at a central bank symposium in Jackson Hole, Wyoming, on Friday, Powell said that the Federal Reserve will raise interest rates to the highest level necessary to restrain growth, and will keep them at that level “for some time” to reduce inflation, which has reached more than three times the Fed’s target rate of two percent.
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Added 08/29/2022 - 5:49 PM
Update 08/30/2022 - 2:07 PM
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[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]Economy News - Baghdad
The US dollar soared to its highest level in 20 years against other major currencies on Monday after Federal Reserve Chairman Jerome Powell indicated that interest rates will remain high for a longer period in order to rein in spiraling inflation.
The dollar index, which measures the value of the US currency against a basket of other currencies, rose to a new high it had not reached in two decades at 109.48.
This left the European currencies in the doldrums even though the hawkish statements of the European Central Bank boosted expectations of a rate hike in September.
The euro fell 0.25 percent in early European trade to $0.99415, close to its lowest level in 20 years, while the pound fell to its lowest level in two and a half years.
London markets were closed for a public holiday.
Speaking at a central bank symposium in Jackson Hole, Wyoming, on Friday, Powell said that the Federal Reserve will raise interest rates to the highest level necessary to restrain growth, and will keep them at that level “for some time” to reduce inflation, which has reached more than three times the Fed’s target rate of two percent.
46 . views
Added 08/29/2022 - 5:49 PM
Update 08/30/2022 - 2:07 PM
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