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Market Update: Dollar Strengthens 1% Last Week, Most in 2 Months
The dollar index rose 1% to 93.5 in the third week of August, the most in two months and hovered around its highest level since November 2020 benefiting from safety buying as investors fretted that a surge in infections of the Delta variant could derail the global recovery while Federal Reserve officials started discussing a potential reduction in stimulus this year. Meantime, Dallas Fed President Robert Kaplan said on Friday he may need to adjust his view on when the Fed should start tapering its asset-purchase program if the delta variant persists and hurts economic progress. Many market participants now expect the Fed to announce some tapering timeline during the Jackson Hole Symposium next week, after last FOMC meeting showed Fed officials are likely to reduce stimulus this year. In recent data, US jobless claims fell last week for a fourth straight time to a new pandemic low, as employers boosted hiring to meet a surge in consumer demand. [/s2If]
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