On Friday, the greenback remained on tenterhooks, finding itself on track for a moderate weekly soar ahead of Fed Chair Janet Yellen's long-awaited speech that some believe could ensure clarity on whether American interest rates will soar this year or not.

The US dollar dipped 0.1% against the Japanese yen at 100.46 yen, while it remained intact against the euro at $1.1290. 

The dollar index, estimating the greenback’s value against six key counterparts, slumped 0.1% to 94.718.

Later on Friday, Fed Chair is expected to deliver her speech at a global major bank meeting in Jackson Hole, Wyoming. Yellen could provide a clear signal that the Fed is all geared up towards a rate hike this year, although many experts are assured that she’ll stick to her less concrete stance that monetary policy appears to be data-dependent and a rate lift is probable.

The anticipation is quite exaggerated, especially considering that Yellen is considered to be one of the most balanced and pragmatic speakers.

Yen rebounds in Asia

Today, the Japanese yen rebounded during Asia trade after consumer prices data from Tokyo revealed that the core measure decreased more than expected. Moreover, attention is currently focused on a gathering of key bankers in the US state of Wyoming later in the day with the Fed Chair expected to provide fresh views.

The currency pair USD/JPY traded at 100.47 with a 0.05% sink, while AUD/USD achieved 0.7629, rising 0.14%.

In Japan, July’s national core CPI headed south 0.5% year-on-year, which is more than the 0.4% decrease observed,  while national CPI lost 0.4% as expected in data, which is currently calculated under a 2015 base year with updated weightings.

The US dollar index, estimating the greenback’s value against a trade-weighted basket of six key currencies, sank 0.06%, getting to 94.62.

The annual economic symposium has found itself in the spotlight with Fed Chair’s opening remarks on Friday. Other major bankers are expected to discuss and also consider the future of monetary policy in the aftermath of the financial downtime and a low interest rate era.

Bazooka

Published in Forex

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