Market News
Dollar rebounds from slump spurred by Powell's dovish surprise - REUTERS
Summary
- Powell's Jackson Hole speech upped expectations for September cut
- Odds of Fed cut next month at 84%
- Euro expected to extend 12% year-to-date gain as Fed cuts near
- Focus on US inflation, labor market data
NEW YORK, Aug 25 (Reuters) - The dollar advanced against major currencies on Monday, bouncing from a steep fall last week that followed remarks from Federal Reserve Chair Jerome Powell that boosted expectations for a rate cut next month.
The dollar index , which measures the greenback against a basket of currencies, rose 0.49% to 98.32, and was on track for its biggest daily percentage gain since July 30, with the euro down 0.69% at $1.1634, after hitting a four-week high of $1.174225 on Friday.
