Dollar rises for second straight day with focus on Jerome Powell's speech

Economies.com
2020-09-21 12:33PM UTC

The US dollar rose against a basket of currencies on Monday, to extend gains for the second straight day, due to renewed fears of a liquidity crunch, amid a sharp sell-off in most global stock markets, and ahead of an important speech by Fed Chair Jerome Powell.

 

The dollar index rose by 0.45% to 93.37 points, after it opened at 93.01, and hit an intraday low of 92.75.

 

The greenback gained more than 0.1% on Friday, and posted its third daily gain, buoyed by upbeat economic data for September.

 

During the past week, the dollar index lost 0.3%, its first weekly loss in 3 weeks, after the Federal Reserve renewed its pledge to hold interest rates until 2023.

 

The greenback shined as the best alternative investment due to growing concerns over that the global economy, after a surge in coronavirus infections in Europe and the US.

 

Federal Reserve Chair Jerome Powell is due speak at 14:00 GMT, about rule-making for the community reinvestment act, which is expected to deliver some insight about the future of US monetary policy.

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