Dollar’s Losing Streak Sends Euro, Pound to Fresh 2024 Highs
- Traders await clues from Fed Chair Powell at Jackson Hole
- Dollar has weakened as investors see lower US interest rates
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The dollar’s slump is fueling rallies in other major currencies, sending the euro and British pound to fresh 2024 highs as traders home in on the path ahead for global interest rates.
A Bloomberg gauge of the dollar fell for a third-straight session on Tuesday to the lowest since March, extending its losses so far this month to about 1.9%. The drop comes as traders look ahead to any clues on the scale of rate reductions as Federal Reserve Chair Jerome Powell and other officials speak at an annual symposium in Jackson Hole, Wyoming.