Dolar słabnie po wypowiedziach szefa Fed. „Wrzuca gołębi ton”

23.08.2025
Rubryka:Kursy walut

Weekend brings a weakening dollar on currency markets. This results from dovish comments by Jerome Powell. On Friday around 20:00, the dollar cost 3.62 zł, the euro was valued at 4.25 zł, and the Swiss franc at 4.53 zł.

Zdjęcie

Jerome Powell przemówił w „gołębim” tonie. Cykl obniżek stóp w USA coraz bliżej, a dolar słabnie. Zdj. ilustracyjne /123RF/PICSEL Reklama

„Powell introduced a dovish tone – stock markets up, dollar down,” commented Marek Rogalski from DM BOŚ on Friday afternoon.

„This time, the Fed chief was less equivocal. His remarks in Jackson Hole are not about seeking reasons to postpone rate cuts any longer (which greatly irritated Donald Trump), but rather indications that the time has come to start the easing process, which will take longer,” added the analyst. „The EURUSD pair is climbing again, while the dollar is falling broadly,” concluded Marek Rogalski.

US Federal Reserve Chairman Jerome Powell stated at the Jackson Hole symposium that prospects under the base scenario and evolving risk balance could justify an adjustment in the Fed’s monetary policy stance.

Meanwhile, Mateusz Sutowicz, an economist at ING Bank Śląski, noted in comments for the Polish Press Agency that „as for currencies, the reaction to Powell’s words is restrained.” „We erased some of the depreciation on the zloty seen during the day. The short end of the US yield curve is falling,” commented Mateusz Sutowicz.

Reklama

Clear path to US rate cuts

„Jerome Powell, with one sentence, slightly opened the door to rate decreases, he increased the probability of such a move. The market is shifting more strongly towards cuts and has now priced in a full rate reduction in September and another full one in December. However, he did not firmly commit to any actions, which could have triggered a stronger response,” added the ING Bank Śląski economist.

XTB analysts pointed out in a Friday afternoon commentary that the market is currently pricing in two full rate cuts this year, with the Fed’s first cut expected in September. „Powell signaled that the risk of labor market slowdown, amid slowing GDP and dwindling consumption, currently outweighs the risk of inflation growth,” they wrote.

Analysts nevertheless note that events related to the war in Ukraine will still significantly impact markets, including the currency market. Disappointment with the results of previous talks is mounting, and the outlook for peace seems very distant.