The American currency continued to strengthen against its major competitors on Friday - the dollar index (USDX) finished the last week at 82.32. The EUR/USD lost 0.3% amid the USA Fed Chairman comments in Jackson Hole. Janet Yellen said that the continued faster-than-expected employment growth may lead to an earlier federal funds rate increase. It was enough for the bears to push the EUR/USD rate to 1.3320, where traders began to fix the profits. The pair EUR/USD continued to fall on Monday trading.
The GBP/USD was traded in a narrow range of 1.6560 -1.6600. The market participants took a break to evaluate the pound downward trend prospects which we have seen the last 7 trading weeks. Even the Federal Reserve Chief’s speech on economic symposium in Jackson Hole could not push traders to an active trading.
The USD/JPY continued to grow to new maximums after a small technical correction. The bulls have responded positively to the Janet Yellen’s statement about the monetary policy possible earlier than expected tightening. The American dollar was in demand and the price reached the level of 104.20, then investors decided to take some profits on long positions. The pair slightly fell on Monday.