The Dollar Fluctuates Near Three-Week Low Against Euro and One-Month Low Against Pound Sterling
Introduction
The dollar fluctuated near a three-week low against the euro and near a one-month low against the pound sterling today, Wednesday, after lower-than-expected inflation data reinforced the view that the US Federal Reserve will refrain from raising interest rates. rates. this time when he decides later in the day.
Chinese Yuan Falls to Lowest Level in 6 and a Half Months
The Chinese yuan fell to its lowest level in 6 and a half months, a day after the central bank cut interest rates amid speculation about more stimulus to support the fragile economic recovery from the pandemic.
Dollar Index Falls to Lowest Level Since May 22
The dollar index, which measures a currency’s performance against a basket of six competing currencies including the euro and pound sterling, settled at 103.30 in Asian deals after falling the day before to its lowest level since May 22 at 103.04.
US CPI Records Lowest Year-on-Year Growth Since March 2021
The U.S. CPI rose just 0.1% last month and recorded its lowest year-on-year growth of 4% since March 2021, suggesting the possibility of the U.S. Central Bank stopping its interest rate hike.
Euro and Pound Sterling Remain Largely Unchanged
The euro was unchanged and fixed 1.07885 after hitting a high of $1.08235 yesterday, Tuesday. The British pound also largely stalled at $1.2607 after gaining 0.8% in the previous session, hitting its highest level since May 11 at $1.2625.
Dollar Falls Against Japanese Yen
The dollar fell 0.09% against the Japanese yen to 140.11. It rose to its highest level since June 5 yesterday, Tuesday, at 140.31 despite lower-than-expected inflation data from the United States, with expectations that Japan’s central bank will maintain its stance on an ultra-soft monetary policy. credit policy on Friday.
Australian Dollar Rises
The Australian dollar rose to $0.6772 after hitting a high since May 10 yesterday, Tuesday, at $0.6807.
Conclusion
Earlier, the yuan hit 7.1785 against the US dollar in foreign trade for the first time since Nov. 29, but there were no significant changes in daily trading, and it fixed 7.1707.
