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While the Dollar Maintained Its Strength; Euro Saw Below 1 Dollar

The US dollar rose ahead of this week's Jackson Hole Symposium, while the EU currency euro hit a 20-year low as Europe's energy...

While the Dollar Maintained Its Strength; Euro Saw Below 1 Dollar
Yazar: James Gordon

Yayınlanma: 24 Ağustos 2022 03:20

Güncellenme: 28 Mart 2024 10:12

While the Dollar Maintained Its Strength; Euro Saw Below 1 Dollar

The US dollar rose ahead of this week's Jackson Hole Symposium, while the EU currency euro hit a 20-year low as Europe's energy crisis deepened.

The US dollar index climbed 0.1% to 109.108, not far from its two-decade peak of 109.29 points in July. Most market participants expect the Fed to raise rates by 75 basis points in September, according to data from CME Group on Tuesday. All eyes are on Fed Chair Jay Powell's speech in Jackson Hole, Wyoming on Friday. Meanwhile, the euro-dollar fell 0.3% to 0.9911. As Europe struggled with concerns over energy supplies and slowing growth, the euro fell sharply below the $1 parity to lows not seen since late 2002. Russian energy company Gazprom said on Friday that it would cut off gas supplies to Europe via the Nord Stream 1 pipeline for three days at the end of the month. Damage to a key pipeline system carrying oil from Kazakhstan to Europe via Russia further disrupted supplies on Tuesday. ING analysts said, "Portfolio regulations by Asian central banks may increase sales. "FX markets in Asia are under intense pressure and will encourage intervention to sell dollars and support local currencies. Asian FX reserve managers will then have to sell euro/dollar to rebalance their FX portfolios." According to ING, sterling has already broken the July low of 1.1760, "after which it is hard to rule out a move to the 1.15-point level it hit in March 2020." USD/JPY was down 0.2% to 137.16 after hitting a one-month high of 137.71. The risk-sensitive AUD/USD was trading 0.1% lower at 0.6866 while the USD/CNY pair was up 0.2% at 6.8632. It had hit a two-decade high of 6.8752 on Monday.
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