Update at 19:00 Saudi time
The U.S. dollar index fell by 0.89% to a price of 97.630.. This comes after the Federal Reserve Chair announced that interest rates may decrease in September.
The key points from Jerome Powell's speech
The change in the risk balance may push us to change our monetary policy.
The current situation suggests that employment risks have begun to rise.
The slowdown in the U.S. labor market is moving in the same direction as demand.
U.S. economic growth has sharply slowed, reflecting a decline in consumer spending.
We can see the impact of tariffs on prices more clearly now, and I expect the effects to increase in the future.
My initial expectation is that the effects of tariffs on inflation will be short-term.
The effects of tariffs could shift to a longer-term and more sustainable impact, but I do not expect this scenario.
The tightening of immigration conditions and the decrease in immigrants has negatively affected the labor market.
We cannot allow a one-time increase in prices to be a continuous scenario.
The U.S. dollar rose slightly on Friday, heading toward strong weekly gains ahead of Federal Reserve Chairman Jerome Powell's speech at the annual Jackson Hole symposium.
At 11:50 AM Saudi time, the dollar index, which tracks the performance of the U.S. dollar against a basket of six other currencies, rose by 0.1% to 98.622, heading towards an increase of just under 1% this week, ending a series of losses.
It lasted for two weeks.
