Currency Buzz: Dollar Index Spikes To Fresh Two-Decade Highs

29 Aug 2022 , 12:57 PM

The US dollar index spiked to fresh two decade high against a basket of currencies on Monday following a hawkish Fed speech at the much awaited Jackson Hole conference on Friday. Fed Chairman Jerome Powell said, ?Restoring price stability will take some time, require using central banks tools forcefully,?. The policymaker also stated that restoring price stability will likely require maintaining a restrictive policy stance for some time. The dollar index that measures the greenback against a basket of currencies was at 109.12 after climbing to 109.48 during the day. Benchmark treasury yields hovering near 3.10% also gave impetus to the global reserve currency. Powered by Commodity Insights