The dollar steadied against major currencies on Monday as traders looked to more data for a gauge on the health of the global economy and the Federal Reserve's annual Jackson Hole retreat for guidance on the outlook for U.S. monetary policy.
TOKYO - The dollar steadied against major currencies on Monday as traders looked to more data for a gauge on the health of the global economy and the Federal Reserve’s annual Jackson Hole retreat for guidance on the outlook for U.S. monetary policy.
Currencies showed little reaction to U.S. authorization of a coronavirus treatment that uses blood plasma from recovered patients as many investors are waiting for definitive news of a credible vaccine. “In the long term, the dollar will resume its decline because the Fed has to commit to aggressive easing for an very long time.”The British poundThe greenback fetched 0.9126 Swiss francThe yen held steady, with the dollar changing hands at 105.87 yen, showing little reaction after Japanese Prime Minister Shinzo Abe entered hospital on Monday amid speculation about his health.
The quantitative easing that the Fed has deployed so far has flooded financial markets with excess liquidity and weighed on the dollar. However, many countries are now battling a second wave of infections, which could further delay a full-fledged economic recovery. The common currency’s next major hurdle is the release of the closely-watched Ifo sentiment survey on Tuesday.
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