Dollar near eight-day high as US data lifts Fed hike bets

Dollar near eight-day high as US data lifts Fed hike bets.

Key points

• While the British pound was steady at $1.3592, the euro traded at $1.1655.
• Against the yen, the dollar ‌traded at ⁠159.23, having given back most of its intervention gains but still well off a multi-decade low of regarding 164.
• After falling 0.1% in June, on a month-on-month basis, PCE rose 0.2% versus the estimate calling for a 0.1% growth.
• In cryptocurrencies, bitcoin rose 0.55% to $78, 874.60.
• The Canadian dollar held steady versus the greenback at C$1.388 per dollar.

Against the yen, the dollar ‌traded at ⁠159.23, having given back most of its intervention gains but still well off a multi-decade low of regarding 164. Published August 27, 2026 Updated August 27, 2026 07: 57am. AI Overview (with editorial review). Brief AI Generated summary.

Notably, the dollar held near an eight-day high as US inflation data slightly boosted Federal Reserve rate hike expectations, with markets additionally anticipating speeches from central bankers at Jackson Hole and the Bank of Japan. US inflation data and Federal Reserve rate hike prospects. Bank of Japan's potential September interest rate growth. Global currency market reactions and cryptocurrency trends. Add BRecorder as a trusted source on Google.

TOKYO: The dollar held near an eight-day high ‌on Thursday after US inflation and other economic data slightly lifted expectations of a Federal Reserve rate hike, ahead of the Jackson Hole central bankers' symposium due to commence afterwards in the day.

Markets will additionally look to a speech and press conference by one of the Bank of Japan's two deputy governors, Ryozo Himino, on Thursday for clues on the likelihood of a September rate hike and the size and scope of any tightening path thereafter.

In practice, the ⁠U.S. Commerce Department data indicated overnight that the Personal Consumption Expenditures Rate Index rose 3.7% in the 12 months through July, unchanged from June and slightly above the 3.6% estimate of economists polled by Reuters.

Though Chairman Kevin Warsh's upcoming speech at Jackson Hole "will be the ultimate test, " Westpac economist Ryan Wells remarked in a note, the reading on inflation kept the market's expectation for a Fed rate hike by year-end live.

In practice, the dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.21% to 99.13, its highest level since August 19.

"In a speech shortly before the rate hike at the January 2025 meeting, Himino said policymakers would 'discuss and decide whether to raise interest rates, '" Mitsubishi UFJ Bank senior analyst Akihiko Yokoo remarked in a note. "If similar wording is used ⁠this time, it would likely be taken as signaling a strong possibility of a rate hike at the September meeting."

Still, Yokoo continued that active yen buying is anticipated to remain limited with Himino and Warsh due to speak.

Funds markets are pricing in an 87% chance of ⁠a rate hike by the BOJ next month, according to data from capital market broker Totan Tanshi.

Meanwhile, the Canadian dollar held steady versus the greenback at C$1.388 per dollar. U.S. President Donald Trump remarked on Wednesday it was "time to teach Canada you can't ⁠do this anymore, " just days after trade negotiations between the neighbouring countries broke down.

While the British pound was steady at $1.3592, the euro traded at $1.1655. The Australian dollar strengthened 0.18% versus the greenback to $0.7181 and New Zealand's kiwi gained 0.1% at $0.5948.

In cryptocurrencies, bitcoin rose 0.55% to $78, 874.60. Ether was up 1.07% to $2, 498.35.

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For now, dollar near eight-day high as US data lifts Fed hike bets remains the part of the story worth watching, and further updates are likely as more details are confirmed.