Morning Bid: Dollar rockets as Powell trumps AI

Morning Bid: Dollar rockets as Powell trumps AI

Investors are waiting for the Federal Reserve boss’s assessment of long-term interest rates, causing a halt in the late August bloom in world markets. The dollar has surged as a result. Fed Chair Jerome Powell is scheduled to speak at the annual central banking symposium in Jackson Hole, and his speech is expected to differ from European Central Bank President Christine Lagarde’s message later in the day. Business surveys have shown contrasting fortunes between the euro zone and the United States, with the euro/dollar exchange rate dropping to its lowest level in over two months. The dollar’s index has reached its highest point since June 7. The shifting odds of a Fed rate hike have put pressure on Powell to clarify the Fed’s stance. Some of Powell’s colleagues have indicated that the central bank may have done enough on policy rate tightening. U.S. economic numbers remain strong, with jobless claims falling below forecast and core durable goods orders remaining resilient. European stocks have been more positive compared to the dour equity market mood in Asia and the United States. Treasury yields have increased slightly, and oil prices have rebounded. China’s stock market is struggling, and authorities are planning to cut the stamp duty on stock trading to revitalize it. Turkey’s lira has given back some of its gains after a significant interest rate hike. Key events to watch for include Powell’s speech, Lagarde’s speech, the University of Michigan’s consumer survey, and the ASEAN finance ministers and central bank chiefs meeting in Jakarta.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

Have a tip we should know?

Most Read

  1. ARTS
    With a Vengeance and no Apologies, Art Basel Miami Beach Has Returned
    2 years ago
  2. Food
    Is Faux Turkey Finally Vegan-Approved for Thanksgiving?
    2 years ago
  3. News
    Pandora Papers Financial Leak Shows Us the Secrets of the World’s Rich and Powerful
    2 years ago
  4. Health
    US Supreme Court Rejects J & J TALC Cancer Case Appeal
    2 years ago
  5. Lifestyle
    9 Habits that Drain your Daily Focus and How to Avoid Them
    2 years ago
    Women’s Demand for Shapewear – the big Trends
    2 years ago
    Valentino Launches its Cosmetics Line
    2 years ago
  8. Business
    McDonald’s Sales Increase Amid COVID Restrictions
    2 years ago
  9. Health
    US Promises to Share 60 million Doses of AstraZeneca Vaccines
    2 years ago
  10. coronavirus
    UK Offers Aid Amid Surging COVID-19 Cases in India
    2 years ago
  11. Entertainment
    Nomadland Director Chloé Zhao, Wins the Best Director in 2021 Oscar
    2 years ago
    UAW strikes more GM, Stellantis facilities, cites progress in talks with Ford
    58 mins ago
  13. Asia Pacific
    Philippines issues health warning as capital hit by smog, volcanic gas
    59 mins ago
  14. Soccer
    US, Mexico, Canada aim to deter exploitation of 2026 FIFA World Cup
    59 mins ago
  15. Biden
    Biden to visit Michigan to support auto strike, front-ending Trump
    2 hours ago
  16. Aerospace & Defense
    US will send Ukraine ATACMS long-range missiles, Biden tells Zelenskiy -NBC
    2 hours ago
  17. Sports
    Kenyan police recover unlicensed firearm from home of banned New Zealand runner
    2 hours ago
    S&P 500, Nasdaq notch biggest weekly losses since March
    3 hours ago

Follow @rushhourdaily: