The dollar index is ramping up gains on Friday ahead of Federal Reserve (Fed) Chair Jerome Powells speech later today at Jackson Hole for further clarity on Feds interest rate stance. Federal Reserve Bank of Chicago President Austan Goolsbee said late Thursday that Septembers Fed meeting remains open for action. He said while some recent inflation readings have come in better than expected, he hopes one dangerous data point is just a blip. However, Cleveland Fed President Beth Hammack noted that its important to maintain a modestly restrictive policy to lower inflation, adding that he does not see an imminent case for cutting rates based on current data. Meanwhile, data yesterday showed US Composite PMI climbed to 55.4 in August, versus 55.1 prior. Meanwhile, the US Manufacturing PMI rose to 53.3 in August from 49.8 in July. This figure came in stronger than the expectation of 49.5. However, the Services PMI declined to 55.4 in August from 55.7 in the previous reading but was stronger than the 54.2 expected. The dollar index that measures the greenback against a basket of currencies is quoting at 98.64, up 0.13% on the day and at a two and half week high.
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