Forex
Dollar Reaches Eight-Day High as US Data Boosts Fed Hike Bets
The US dollar held near an eight-day high on Thursday after new economic data slightly lifted expectations of a Federal Reserve rate hike. The Personal Consumption Expenditures Price Index rose 3.7% in the 12 months through July, unchanged from June and above the 3.6% estimate. This kept the market's expectation for a Fed rate hike by year-end live.
Markets will look to speeches at the Jackson Hole central bankers' symposium, including one from Bank of Japan deputy governor Ryozo Himino. His speech may signal a strong possibility of a September rate hike.