# Dollar steady as Powell says higher rates may be needed - Business & Finance - Business Recorder

> 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.

- Date: 2023-08-28 · published 2023-08-28T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/34782-dollar-steady-as-powell-says-higher-rates-may-be-needed-business-and-finance
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

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.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-05-31 | [Dollar higher - Business & Finance - Business Recorder](https://feedsoft.ai/events/36152-dollar-higher-business-and-finance-business-recorder.md) | -0.5% | -1.0% |
| DXY | 2023-09-28 | [Dollar index powers to 10-month high - Business & Finance - Business Recorder](https://feedsoft.ai/events/34310-dollar-index-powers-to-10-month-high-business-and-finance-business-recorder.md) | +0.5% | +0.8% |
| DXY | 2024-06-22 | [Asian FX muted on robust dollar - Business & Finance - Business Recorder](https://feedsoft.ai/events/30050-asian-fx-muted-on-robust-dollar-business-and-finance-business-recorder.md) | +0.1% | -0.7% |
| DXY | 2021-10-29 | [Sterling pushed down by dollar strength - Business & Finance - Business Recorder](https://feedsoft.ai/events/44804-sterling-pushed-down-by-dollar-strength-business-and-finance-business-recorder.md) | +0.8% | +2.8% |
| DXY | 2024-01-29 | [Dollar gains before Fed, March rate cut seen less likely - Business & Finance - Business Recorder](https://feedsoft.ai/events/32290-dollar-gains-before-fed-march-rate-cut-seen-less-likely-business-and-finance.md) | +0.2% | +0.4% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40260110

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.