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Home / Business / Dollar hovering near 2-week highs, Sterling Edge Up by Investing.com

Dollar hovering near 2-week highs, Sterling Edge Up by Investing.com



© Reuters.

Investing.com – The US dollar hovered near the two-week high against a currency basket Monday as US Treasury yields rebounded from recent lows in hopes that large economies will try to slow growth with new stimulus. [19659004] Against a basket of six major currencies, at 98.05, it was within 03:01 ET (07:01 GMT), not far from the two-week high of 98.20 reached on Friday.

They stood at 1.57%, having withdrawn from a three-year-old trough of 1.47% marked last week in the wake of global recession.

Falling returns last week caused the two-year / 1

0-year Treasury curve to turn around for the first time since 2007, a phenomenon

"The most important event of the week is the Jackson Hole Symposium and Fed Chairman (Jerome) Powell's speech, "said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

Powell will give a talk on Friday at an annual meeting with central bankers in Jackson Hole, Wyoming.

"What Powell has to say is in focus as the discrepancy is between what he said about interest rates and what the markets have come to expect the Fed to do," Ishikawa said.

Powell said after the Fed lowered prices in July that relief was not the start of a series of cuts. But the market's expectations of the Fed to cut interest rates by a further 25 basis points at the next policy meeting in September have risen.

It was steady at 1.1092, while the edge increased by 0.15% to 1.2166.

The dollar was little changed at 106.37.

It was a little lower after US President Donald Trump said he was not yet ready to trade with China.

Traders were also cautious before debuting China's new reference lending rate on Tuesday, which was announced this weekend.

People's Bank of China on Saturday unveiled interest rate reforms to help reduce corporate loan costs and support growth slowdown, which has been hit by the US trade war

– Reuters contributed to this report

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