U.S. Dollar Extends Upward Trend Amid Interest Rate Worries
(RTTNews) - The value of the U.S. dollar has moved over the course of trading on Friday, extending a recent upward trend.
The U.S. dollar index is climbing 0.61 points or 0.6 percent to 1080.09, reaching its best levels in a month.
The greenback is trading at 136.81 yen versus the 135.98 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0042 compared to yesterday's $1.0087.
The continued advance by the dollar comes amid concerns about the outlook for interest rates ahead of next week's economic symposium in Jackson Hole, Wyoming.
Remarks by Federal Reserve officials at the annual symposium are likely to be in focus, as traders look for additional clues about the pace of future interest rate hikes.
Recent comments from some Fed officials have indicated the central bank will continue to raise interest rates aggressively at its next meeting in September.
St. Louis Fed president James Bullard said recently that he expects a third straight 75 basis point interest rate hike in September, while San Francisco Fed colleague Mary Daly said that raising rates by 50 or 75 basis points next month would be "reasonable."
Kansas City Fed president Esther George argued that the drop in inflation registered in July was not evidence the underlying problem was fixed.
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