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FOREX-Dollar edges higher, but stuck in range before Powell speech

Wed, 26th Aug 2020 14:56

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

(Adds details, updates prices)
By Karen Brettell
NEW YORK, Aug 26 (Reuters) - The dollar gained on Wednesday
but stayed within a relatively tight range a day ahead of a
highly anticipated speech by Federal Reserve Chairman Jerome
Powell is scheduled to address the U.S. central bank’s
policy framework review, and investors are focused on whether he
will hint at shifting the Fed’s inflation target to an average.
"Targeting average inflation over time rather than setting a
fixed 2% goal would likely mean lower rates for longer," said
Raffi Boyadjian, senior investment analyst at online broker XM.
"If the Fed confirms such a move, the greenback would stand
little chance of a meaningful rebound anytime soon."
The Fed is thought to be still finalizing details of its
review, however, with an announcement expected at its September
That risks leaving investors disappointed on Thursday if
Powell does not announce the change.
“Markets are anticipating a dovish lean from Powell,"
Jonathan Coughtrey, managing director at Action Economics, said
in a report. "Any sense of disappointment could catalyze a
rebound phase in the dollar, which has been trending lower since
The dollar index, which tracks the greenback's value against
a basket of currencies was up 0.15% at 93.14.
The index hit a session high of 93.37 after data showed that
U.S. durable goods orders increased more than expected in July,
but fell back again.
The euro dipped 0.26% against the greenback to
The yuan rose toward a seven-month high at $6.6879
after U.S. and Chinese trade officials reaffirmed their
commitment to a Phase 1 trade deal, which eased concerns about a
diplomatic standoff between the world's two-largest economies.

Currency bid prices at 9:35AM (1335 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Euro/Dollar EUR= $1.1802 $1.1833 -0.26% +5.28% +1.1840 +1.1773
Dollar/Yen JPY= 106.2600 106.3600 -0.09% -2.39% +106.5500 +106.1700
Euro/Yen EURJPY= 125.43 125.88 -0.36% +2.85% +126.1400 +125.2800
Dollar/Swiss CHF= 0.9095 0.9075 +0.22% -6.02% +0.9120 +0.9075
Sterling/Dollar GBP= 1.3155 1.3150 +0.04% -0.78% +1.3165 +1.3118
Dollar/Canadian CAD= 1.3173 1.3168 +0.04% +1.46% +1.3205 +1.3159
Australian/Doll AUD= 0.7213 0.7194 +0.26% +2.73% +0.7214 +0.7188
Euro/Swiss EURCHF= 1.0735 1.0740 -0.05% -1.08% +1.0759 +1.0734
Euro/Sterling EURGBP= 0.8970 0.8997 -0.30% +6.10% +0.9006 +0.8966
NZ NZD= 0.6567 0.6546 +0.32% -2.51% +0.6573 +0.6545
Dollar/Norway NOK= 8.9284 8.9646 -0.40% +1.71% +8.9847 +8.9310
Euro/Norway EURNOK= 10.5390 10.5974 -0.55% +7.12% +10.6200 +10.5379
Dollar/Sweden SEK= 8.7398 8.7532 -0.40% -6.50% +8.7891 +8.7425
Euro/Sweden EURSEK= 10.3160 10.3573 -0.40% -1.46% +10.3736 +10.3170

(Reporting by Karen Brettell; additional reporting by Julien
Ponthus in London; editing by Jonathan Oatis)

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