WASHINGTON (dpa-AFX) - The U.S. Dollar value ended roughly flat as market participants are awaiting to understand the U.S. Federal Reserve's assessment of the U.S. economy amid multiple headwinds when Fed Chair Kevin Warsh delivers his first speech at the Jackson Hole Symposium tomorrow.
Today, the U.S. Dollar Index DXY which measures the Greenback against a basket of other major currencies was last seen trading at 99.13, up by 0.01 (or 0.01%).
While against the Euro, the USD was trading at 1.165, unchanged, against the GBP, the USD was trading at 1.360, up by 0.02%.
Against the USD, the Japanese Yen was trading at 159.392, down by 0.06%, the Swiss Franc was trading at 0.804, up by 0.15%; and the Canadian Dollar was trading at 1.386, up by 0.14%.
Against one unit of Australian Dollar, the USD was trading at 0.720, down by 0.34%.
The conflict with Iran, which began on February 28, is entering its seventh month with no sign of easing.
The U.S. administration paused military actions against Iran and instead announced an economic embargo to cut off all funding channels.
The blockade, termed 'Operation Economic Outcast', unveiled on Monday, targeted Iran's oil industry revenues as well as other key sectors.
Iran and Oman are closing in to establish a temporary maritime route for ships travelling through the Strait of Hormuz. However, Iran warned that the seaway will not fully reopen until the U.S. fulfills its commitments.
Iran has shut the Strait of Hormuz effectively and crippled oil and energy exports from the gulf region.
On Monday, Pakistan's Army Chief Field Marshal Syed Asim Munir and Interior Minister Mohsin Naqvi held extensive talks in Iran with senior Iranian leaders. Later, Naqvi stated that the meeting concluded on a highly positive note with significant progress made.
Raising expectations of a fresh U.S.-Iran dialogue process, today Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani arrived in Iran to discuss with Iranian leaders.
Consumers are frustrated with the delay in a resolution to the Middle East crisis as they are battling inflation.
According to the American Automobile Association's data, the national average of regular gasoline hovers above $4 per gallon.
Recently, a large-scale sell-off in U.S. government bonds sent the 30-year yield to levels not seen in around two decades.
The U.S. Treasury intervened to stem the upside flow and announced to double the buyback sizes for 10-year to 30-year securities to at least $4 billion per operation.
Last Wednesday, the U.S. Treasury update stated that the U.S. national debt now stands at more than $40 trillion.
Tomorrow, U.S. Federal Reserve Chair Kevin Warsh is slated to deliver his keynote address at the three-day Jackson Hole Symposium (which began today) at the Jackson Lake Lodge in Grand Teton National Park, Wyoming.
The symposium is a gathering of world's central bankers, academics, economic thinkers, and policymakers.
This year's topic is 'Financial Innovation: Implications for Payments and Policy'.
Warsh's speech assumes special as the U.S. is facing serious challenges to the economy.
Economists are awaiting to comprehend the Fed's assessment of the U.S. and global economy and derive clues on its monetary path ahead.
Currently, investors are betting on a 33.90% chance of a 25-basis-point interest rate-hike at its upcoming meeting of the U.S. Federal Reserve on September 15-16 while the odds on rates being held at the current level stand at 66.10%, according to the CME Group's FedWatch Tool.
Today, the U.S. Labor Department's data showed that the unemployment benefit claims fell by 4,000 to 203,000 for the third week of August, below expectations of a rise to 208,000.
Meanwhile, continuing jobless claims decreased to 1,778,000 for the week ending August 15 from 1,796,000 of the previous week.
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