U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing Rights
NEW YORK, Aug 24 (Reuters) – The dollar rose across the board on Thursday as investors awaited Fed Chair Jerome Powell’s speech on Friday at the Jackson Hole Economic Policy Symposium.
Investors are looking forward to Powell’s address on monetary policy at 10:05 am ET on Friday for clues to the Fed’s thinking on whether it is about done with interest rate hikes and how long it plans to hold rates high.
“I think what we are seeing is largely pre-Jackson Hole position readjustments,” said Stuart Cole, chief macro economist at Equiti Capital in London.
“Nobody knows what Powell is going to say tomorrow and therefore the default currency to move into is the USD,” Cole said.
Two Federal Reserve officials – Philadelphia Fed President Patrick Harker and…
