U.S. Dollar Eases Awaiting Update from Jackson Hole

The dollar hovered just below its 2014 peak against a basket of major currencies on Friday, with bulls turning cautious ahead of a speech by Federal Reserve Chair Janet Yellen.

The dollar index .DXY held steady at 82.144, having risen as high as 82.364 on Thursday – a level last seen in early September.  It was still up nearly 0.9 percent so far this week and on track for its best weekly gain since late January. Upbeat U.S. housing data and a hawkish-sounding Fed minutes have combined to give the greenback a big boost.

This week’s rally left the dollar on the verge of breaking above its April peak of 104.13 yen JPY=, a move that could open up the way to 105.45, set in January.  The dollar held steady at about 103.83 yen, not that far from a 4-1/2 month high near 103.97 yen on Thursday.

Reuters

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