Tuesday, April 16, 2024

The dollar is moving towards the peak of the year

Date:

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.

See also  Global Access Control and Authorization Market Production Process, Raw Material Costs and Revenue 2021 (Media Technology) Intelligence, Status, Recent Adjustment Outlook 2031
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

Boost Your Sales with Perfect Banner Printing Services in Dubai

In the fast-paced world of business, effective advertising is...

Defend Against DDoS Attacks with Qrator Labs’ Anti-DDoS Solutions

Protecting your online assets from DDoS (Distributed Denial of...

UAE Powering Gaming Boom in the Middle East

The gaming industry in the Middle East is experiencing...

iGym and the Youth Gym Culture in Dubai

In the dynamic city of Dubai, a new trend...