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The dollar held steady on Friday and was on track for a strong weekly gain after Fed Chair Powell said rates may need to rise further. Powell said policymakers would proceed carefully, but the central bank had not concluded that rates were high enough.
The dollar index was about flat at 104.06 after reaching 104.44, its highest since June 1.
Expectations of higher-for-longer U.S. rates support the dollar, which raises the cost of dollar-priced feed imports for buyers abroad. Uncertainty about the path of rates leaves the currency's direction open.
brecorder.comReutersAug 28, 2023After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
