US Dollar Index Breaches Fresh 52-Week High Today, Hit 109.98

US dollar index breached a fresh 52-week high today, crossing 109.98 points in the late trading hours. This year US Dollar index surged by 14.2%, while in the past 1 year, the US currency gained by 18.55%.

Today, stock markets and commodity markets have been down globally, which created a road for US Dollar to surge. In the Jackson Hole Symposium, which concluded last week, US Fed Chair Jerome Powell sounded quite hawkish against inflation and stated that he will continue his restrictive policy measures. The Fed officials are expected to raise the rate by a half point or 0.75 points at their next meeting, which will be organized from September 20 to 21. "These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain," Jerome Powell mentioned.

"The labor market is particularly strong, but it is clearly out of balance, with demand for workers substantially exceeding the supply of available workers," Powell also added. Markets are waiting for the Fed's next decision.

Meanwhile, Comex gold futures fell by 0.96%, quoted at US$ 1,709.60/oz. S&P 500 fell by 0.76%, stood at 3,924.80, and Nasdaq Inc fell by 0.25%, stood at 59.38, at the time of writing.