Dollar edges higher as oil slows, U.S. yields rise

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NEW YORK/LONDON (Reuters) – The dollar edged up on Wednesday as oil prices slowed after a big two-day advance, U.S. Treasury yields moved higher and investors awaited clues on the tapering of economic support by the Federal Reserve at this week’s Jackson Hole symposium.

FILE PHOTO: A U.S. dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

Risk appetite in global markets improved after the U.S. Food and Drug Administration fully approved the COVID-19 vaccine developed by Pfizer and BioNTech in a move that could accelerate U.S. inoculations.

Dr. Anthony Fauci, the top U.S. infectious disease expert, said on Tuesday that the United States could get COVID-19 under control by early next year.

But the focus has turned to the Jackson Hole symposium and what Fed Chair Jerome Powell may say about tapering the U.S. central bank’s bond-buying program when he speaks on Friday.

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