Tuesday, April 16, 2024

The dollar is moving towards the peak of the year


The US dollar remained below this year’s high against the euro on Wednesday, hitting a five-week high against the yen ahead of US inflation data, pushing higher inflation pressure to measure Federal Reserve stimulus policies.

The dollar was buoyed by strong US job data last week, with federal officials reporting lower bond purchases and eventually raising interest rates earlier than elsewhere.

Six sessions against the euro since the end of March on Tuesday led to the lowest level of the single currency.

The euro hit about $ 1.1718 in the Asian session and is close to this year’s lowest level of $ 1.1704.

The dollar index recorded 92.193, the highest level in three weeks, near the 2021 peak of 93.439.

Inflation data may determine whether the dollar will test these highs, and strong readings are likely to fuel and support speculation of a rise in interest rates, while surprisingly low readings thwart these expectations.

The Japanese currency extended losses for five consecutive sessions, falling slightly to 110.69 yen against the dollar in early trade, its lowest level since July.

The dollar touched a two-week high of $ 1.3820 against the British pound and a one-month high of 0.9234 Swiss francs.

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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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