The dollar resumed its rise in Asia on Thursday after falling back from a two-decade high overnight, as investors pondered the path of global monetary policy ahead of a European Central Bank rate decision and comments from Federal Reserve Chair Jerome Powell later in the day. The U.S. dollar index, which measures the currency against six major peers, added 0.1% to 109.80, edging back toward Wednesday’s peak at 110.79, a level not seen since June 2002. RELATED INVESTING NEWS Weak foreign markets may serve as an ominous warning for U.S. stocks CNBC Pro Weak foreign markets may serve as an ominous warning for U.S. stocks Patti Domm 10 HOURS AGO The greenback gained 0.18% to 144.09 yen, after reaching a 24-year high of 144.99 in the previous session.
The euro slipped 0.21% to $0.9987, after plumbing a 20-year low of $0.9864 earlier in the week. The ECB is widely expected to also raise rates by 75 basis points (bps) later on Thursday (1215 GMT) to fight runaway inflation, although Europe’s energy crisis has kept the euro under pressure. Sterling weakened 0.23% to $1.1509, heading back toward the day’s 37-year low of $1.1407. Powell will participate in a discussion at a Cato Institute conference, with Fed officials soon to enter into a blackout period prior to the U.S. central bank’s Sept. 20-21 meeting.