The US Dollar (USD) hovers in the middle of a range where it can still reach new monthly or even three-month highs in some pairs. The current position
ing is no coincidence as traders are facing one of the pivotal moments each year in the financial calendar. The annual Jackson Hole Symposium is due to take place on Friday where US Federal Reservewill give an important speech that could prove to be a game changer for the Greenback’s performance throughout the last quarter of 2023.
The US Treasury will auction a 3-month and a 6-month bills at probably high rates based on the recent jump across the whole US yield curve. The CME Group FedWatch Tool shows that markets are pricing in an 88.5% chance that the Federal Reserve will keep interest rates unchanged at its meeting in September.
When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing . QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system.
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