The dollar rose to a maximum and ends the seventh consecutive week of growth

On Friday, the US dollar showed a strengthening against its major rival currencies, reaching its highest in more than two months. Moreover, the US currency is preparing to finish with growth for the seventh week in a row.

The dollar is supported by expectations of today's speech by Federal Reserve Chairman Jerome Powell, which may contain signals about the long-term trajectory of interest rates. Market participants hope for clarity regarding the completion of the Fed's monetary policy tightening cycle and the duration of keeping rates at elevated levels.

The dollar index rose by 0.173% today compared to Thursday's closing level, reaching a maximum since June 7 – 104.25. Since the beginning of August, the index has grown by more than 2%, and after two consecutive months of decline, it can end August with positive dynamics.

The EUR/USD pair declined by 0.28%, reaching 1.0779, while the GBP/USD pair fell by 0.29% to 1.2563. Both of these assets have been at their lowest values since mid-June.

The yen weakened against the US dollar by 0.19%, reaching the level of 146.10 yen. The pair has overcome the level at which currency interventions by the Japanese authorities were carried out last year, and investors are currently watching for signs of possible currency interventions.

The AUD/USD pair declined by 0.20%, reaching 0.641, and the NZD/USD pair fell by 0.27%, to the level of 0.590.