The dollar fell against most major currencies during trading on Tuesday as the Fed evaluated the Fed’s statements and awaited important economic data.
This comes after Federal Reserve Chairman Jerome Powell issued a strong and highly clear signal during the annual speech at the Jackson Hole Forum about the imminent rate cut, but did not clearly specify when this cut will be.
He pointed to significant progress already being made in controlling inflation, saying the Fed can now shift its focus equally to the other side of its dual mission: to make sure the economy remains fully employed.
The Conference Board survey on Tuesday showed the U.S. consumer confidence index rose in August to 103.3 points, from July’s upwardly revised reading of 101.9 points, beating expectations of a reading of 100.9 points.
Read also:Australian dollar jumps to 7-month high after inflation data
Personal consumption expenditure data in the United States, the Federal Reserve’s preferred inflation measure, is due on Friday, with market expectations for monetary easing expected in September split.
On the trading front, the dollar index fell by 21:49 GMT by 0.3% to 100.5 points, recording a high of 100.9 points and a low of 100.5 points.
Australian Dollar
AUD/USD at 21:59 GMT rose 0.3% to 0.6793.
Canadian Dollar
The Canadian dollar rose against its US counterpart at 21:59 GMT by 0.3% to 0.7438.
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