HomeFinance NewsDollar near 10-month peak, pressuring yen and euro.

Dollar near 10-month peak, pressuring yen and euro.

Published on

The U.S. dollar has remained steady near its highest level since November against a basket of currencies, as longer-dated U.S. yields continue to rise. The dollar index, which tracks the dollar against other major currencies, is on track for its 11th consecutive week of gains. The euro, which has been weakened by the strong dollar, is still close to its January low. However, a break past this level would take it to its lowest point this year. The Japanese yen has also been affected by the rise in oil prices and is close to its weakest level in 11 months.

Despite concerns over speculation, Japanese authorities may intervene if the yen goes beyond 150 yen per dollar. The pound and the Swiss franc are also under pressure, with the pound remaining near six-month lows. The U.S. economy has been more resilient compared to the European economy, contributing to the dollar’s strength. The Federal Reserve has cautioned on the possibility of more hikes, while economic data from the U.S. continues to defy expectations of an economic slowdown.

In conclusion, the U.S. dollar has remained near its highest level since November against a basket of currencies, driven by rising U.S. yields. The euro is still close to its January low and may fall further if it breaks past this level. The yen has also weakened due to a surge in oil prices, which may prompt intervention from Japanese authorities. The pound and the Swiss franc are also under pressure, with the pound at six-month lows. Overall, the strength of the U.S. economy and the possibility of more rate hikes has contributed to the strong dollar.

Source link

Latest articles

Amazon’s AI Agent Now Shops from Third-Party Websites for You

Amazon announced the initiation of testing a new AI shopping agent, termed "Buy for...

Fox News Analyst Criticizes Vance’s Deportation Remarks: ‘Politics Overriding Law’

In a recent interview, Fox News legal analyst Andy McCarthy expressed concerns over the...

OPEC+ Accelerates Oil Production Increases, Causing Prices to Drop

On Thursday, eight member countries of OPEC+ made an unexpected decision to expedite their...

Almost 490,000 Pounds of Breakfast Sandwiches Recalled Over Allergen Issues

A food manufacturer has initiated a recall of nearly 500,000 pounds of ready-to-eat breakfast...

More like this

Amazon’s AI Agent Now Shops from Third-Party Websites for You

Amazon announced the initiation of testing a new AI shopping agent, termed "Buy for...

Fox News Analyst Criticizes Vance’s Deportation Remarks: ‘Politics Overriding Law’

In a recent interview, Fox News legal analyst Andy McCarthy expressed concerns over the...

OPEC+ Accelerates Oil Production Increases, Causing Prices to Drop

On Thursday, eight member countries of OPEC+ made an unexpected decision to expedite their...