Dollar Hits 13-Month Low as Fed Chair Powell Signals September Rate Cut

According to Jinishi Data: The US dollar dropped to a 13-month low late last week following a speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium, where he strongly hinted at an upcoming interest rate cut in September. This dovish stance from Powell has spurred expectations of monetary easing.Despite the dip, ING Bank analyst Francesco Pesole suggested that the dollar could see a minor rebound as the impact of Powell's speech diminishes and market risk sentiment weakens. The dollar index is expected to potentially close above 101.0 in the coming days.