Dollar Index Surges Past 104 Mark; Awaits Jackson Hole Speech For Further Cues

Published on Aug 25, 2023 10:07

The dollar index surges past another crucial 104 mark on Friday amid concerns about the outlook for interest rates ahead of Fed Chair Jerome Powell`s speech at the Jackson Hole Economic Policy Symposium. Meanwhile, data on Thursday showed the number of Americans filing new claims for unemployment benefits fell last week, as labor market conditions remained tight despite the Fed`s aggressive interest rate hikes, further supporting the greenback. The dollar index was quoting at 104.18, up 0.25% on the day, and its highest level since early June. Among the basket currencies, EURUSD extended slide below $1.08 mark and was down 0.26% on the day at $1.0792. Meanwhile, GBPUSD also slumped to lowest level since June first week and was quoting at $1.2567, down 0.33% on the day.