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Dollar up ahead of Bernanke speech

Dollar up ahead of Bernanke speech

The dollar rose in afternoon trading as the stock market fell on worries about the economy and concern that Federal Chairman Ben Bernanke will not lay out further plans on Friday to support markets when he speaks at a conference in Jackson Hole, Wyoming.
A new round of bond-buying by the Fed might boost growth, but it would also weaken the dollar. Last year, when Bernanke talked about support measures for the economy at the same conference, the dollar dropped sharply.
The dollar is rising now because investors think that Bernanke won't signal additional aid from the Fed, said Forex.com currency strategist Brian Dolan, despite the slow economic growth in the U.S.
In New York Thursday, the euro dropped to $1.4368 from $1.4421, the British pound fell to $1.6281 from $1.6374, while the dollar jumped to 77.55 Japanese yen from 77.01 yen.
The dollar fell to 0.7939 Swiss franc from 0.7947 franc. It was practically unchanged at 98.82 Canadian cents from 98.83 Canadian cents.


Updated : 2021-10-20 18:25 GMT+08:00