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Growth of the US dollar after the Fed meeting
Fed's statement on a possible rate hike by early 2023 triggered an increase in the USD exchange rate
Aug 5, 2021
2 min read
Anna BakkerNews analyzer

Along with the news from the Fed, positive data on business activity was published, which strengthened the bulls' sentiment.

As a result of the day, the dollar index reached weekly highs around 92.29.

Large-scale currency stimulus aimed at economic recovery will allow the Fed to consider the possibility of raising rates in 2023.

However, the rate hike will not be considered if inflation and unemployment growth forecasts are not justified.

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Activity in the US services sector accelerated in July from the previous month, reaching a new all-time high. The Institute for Supply Management (ISM) said Wednesday that the purchasing managers' index for services rose to 64.1 in July from 60.1 in June.

A resurgence of previously limited activity in the hospitality, leisure and travel business is fueling a boom in consumer spending in the service sector. However, many companies are not keeping up with strong demand and are facing difficulties with material and labor shortages that persist in July.

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