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Fed Comments and Yuan in Focus



Wall Street ended the last trading week in positive territory. The S & P 500 rose 0.6 percent to close at 2,874.69, while the Nasdaq Composite edged up 0.9 percent to close at 7,975.98, a record high for both indices. The Dow Jones Industrial Average surged 133.37 points to close at 25,790.35

Last Friday, Powell made a speech at the Jackson Hole Symposium in Wyoming, where senior central bankers met to discuss the future of monetary policy. He said that "further, gradual" rate hikes are likely in the future as the economy is "strong" and can withstand tighter monetary policy.

Powell's comments came a few hours after the People's Bank of China announced that it would adjust its methodology for fixing the daily average of the yuan to stabilize the foreign exchange market

In a morning note, Ray Attrill said National Australia Bank's foreign exchange strategy head, the "combined impact" of dollar weakness on Powell's voice and yuan assets, after the announcement by the Chinese central bank in the early week is likely to be "dominant".

The US dollar index, which tracks the greenback against a basket of currencies, was quoted at 9:52 pm at HK / SIN at 95,1

11. The Japanese yen was 111.23 against the dollar, while the Australian dollar was 0.7325.

Here is a look at the economic data:

  • Hong Kong – July trade at 16:30 HK / SIN

Fred Imbert and Reuters from CNBC contributed to this report.


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