Monday, May 27, 2024

Dollar rises… US threatens to raise interest rates

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The dollar rallied strongly during yesterday’s trade, but was on track for its biggest weekly loss since late May after weak US economic data, while the Federal Reserve threatened to raise interest rates in an attempt. Rising inflation should be controlled.

The euro fell yesterday after climbing to its highest level in more than two weeks as the European Central Bank raised borrowing costs in its first rate hike since 2011.

The dollar index, which measures the U.S. currency’s performance against six major currencies, rose 0.35% to 106.98 yesterday, following a 0.36% decline the day before.

But on a weekly basis, it fell 0.95%, the biggest decline since May 29 and the first weekly decline in four weeks.

The euro fell

The euro fell 0.44% to $1.0187, down from yesterday’s high of $1.0279, following a bigger-than-expected rate hike by the European Central Bank.

The Japanese yen headed for its first weekly gain since late May, although the dollar’s recovery pared its gains.

The dollar rose 0.43% to 137.925 yen, after falling 0.67% in the evening, moving further from a 24-year high of 139.38 yen reached last week.

As for the rest of the currencies, the pound sterling fell 0.35% to $1.1962, paring its gains for the week to 0.8%, but at its highest level since late May.

The Australian dollar fell 0.47% to $0.69035 and was up 1.63% on the week, but this was its best performance since last May 20.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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