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Powell Pushes Dollar to Longest Weekly Win Streak in 15 Months

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The greenback climbed while US Treasuries slipped after Federal Reserve Chair Jerome Powell said policymakers are prepared to raise interest rates further if needed in the fight to reign in inflation.

The Bloomberg Dollar Spot Index strengthened on Friday, bringing its weekly gains to 0.3%. The US currency is poised to cap off a six-week streak of gains, the longest since May 2022. Almost all currencies in the Group of 10 weakened against the greenback this week as investors contemplate the Fed’s path.

The dollar has been rebounding as hope builds that the US may be able to skirt a recession while the Fed may have to persist in its rate hiking regime for a little bit longer to bring down inflation to the central bank’s 2% target.

 

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Dollar Climbs Toward Three-Month High as Traders Prep for PowellThe greenback rallied toward a three-month high as traders mulled the possibility of higher-for-longer interest rates ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday.
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