Dollar Strengthens Amid Mixed Fed Signals and Market Reactions
The dollar held firm on Thursday, following its sharpest rally since June, prompted by mixed signals from Federal Reserve policymakers about future interest rate cuts. The U.S. currency rebounded from its lows against the euro and sterling. Upcoming Fed speeches and jobless claims data are expected to provide further market direction.
The dollar stayed strong on Thursday after its sharpest rally since early June, as traders awaited speeches from key Federal Reserve officials for clues on future interest rate decisions.
Overnight, the U.S. currency rebounded from a more than one-year low versus the euro and a 2 1/2-year low against sterling. Despite no clear catalyst, investors seemed to reassess the likelihood of aggressive future U.S. rate hikes, with mixed views from Fed speakers.
Later Thursday, Fed Chair Jerome Powell and other policymakers are set to give remarks that could offer more insight. Weekly U.S. jobless claims data will also be closely watched, given the Fed's recent focus on employment over inflation.
(With inputs from agencies.)
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