Currency Buzz: Euro Recovers Above Parity Against Dollar

25 Aug 2022 , 02:36 PM

Euro bounces back above parity against the dollar on Thursday as the greenback is under pressure ahead of the crucial Fed Chair Jerome Powells speech at the central banks economic symposium at Jackson Hole, Wyoming on Friday. The dollar index that measures the greenback against a basket of currencies is down 0.43% at 108.15. Improving risk sentiment also aided the single common currency. Major bourses in Europe traded in the green on Thursday, after upbeat economic figures. The Ifo business climate fell much less than expected and the German economy grew 0.1% in Q2. Meanwhile, Asian stocks advanced as investors looked forward to Fed Chair Jerome Powells speech on Friday at the central banking conference in Jackson Hole for further cues on the monetary policy outlook. Powell is widely expected to reiterate the central banks hawkish stance, given the expectations that inflation in the U.S. will be persistent and it will take time to contain it. EUR/USD is currently quoting higher by nearly half a percent at $1.0008 after sliding below parity during the week. Powered by Commodity Insights