Thursday, July 18, 2024

The dollar index touches 100 points


The dollar index rose to 100 points for the first time in almost two years on Friday on the prospect of a surge in US interest rates.
The dollar has risen against a basket of competitive currencies over the past month, particularly against the euro, which has been under pressure due to the economic costs of the war in Ukraine and investor concerns over the fiercely competitive presidential election in France. .

The dollar index rose 100 points during early European trading hours, its best performance since May 2020. Then it lost some momentum and settled at 99.876 in the most recent trade.

The index rose 1.4% this week, its biggest rise in a month, triggered by reports that the Federal Reserve (US Federal Reserve) is poised to tighten monetary policy by several policymakers. Swelling.

The euro fell to $ 1.0848 a new month. It was last down 0.2% to $ 1.0865.

Minutes of Thursday’s European Central Bank meeting, policymakers are eager to fight inflation, but the euro zone has so far taken a more cautious stance than other central banks, weakening the euro.

The dollar extended its gains against the Japanese yen, hitting 124.23, its highest level in more than a week, close to its seven-year high of 125.1 recorded last month.

The yen has stabilized this month after falling in March, but the US is under pressure to raise interest rates and the Bank of Japan is intervening in the bond market to keep rates low.

The British pound was down 0.2% at $ 1.30475 against the US currency in recent trade.

See also  European manufacturers are facing a contraction due to energy

In cryptocurrency markets, Bitcoin rose 1% to about $ 43,890.

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

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