SINGAPORE: The dollar inched higher against a basket of currencies on Tuesday, with traders focusing on the annual central banking conference in Jackson Hole this week for insights into the outlook for monetary policy.
The dollar index, which measures the greenback´s value against a basket of six major currencies, edged up 0.1 percent to 93.169.The near-term focus is on a speech by U.S. Federal Reserve Chair Janet Yellen on Friday at the Fed´s annual central banking conference in Jackson Hole, Wyoming.
If Yellen´s speech increases market expectations that the Fed will raise interest rates in December, that could prompt investors to unwind bearish bets against the dollar, and lend the greenback some support, said Stephen Innes, head of trading in Asia-Pacific for OANDA in Singapore. "This could be a platform for the U.S. dollar," Innes said, referring to the Jackson Hole conference.
The dollar rose 0.3 percent to 109.26 yen, pulling away from last week´s low near 108.60 yen, which was the greenback´s weakest level in about four months. The greenback has been hampered in recent days by renewed investor concerns about the Trump administration´s ability to implement its economic policy agenda.
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