Investors are awaiting a major meeting between US President Joe Biden and House Speaker Kevin McCarthy on Monday to discuss raising the debt ceiling.
The dollar has regained strength over the past two weeks after stronger-than-expected economic reports and statements from US central officials regarding monetary policy tightening, which signaled the possibility of further interest rate hikes.
“The dollar has risen over the past two weeks, supported by rising US interest rates,” said Mark Chandler, senior market analyst at Bannockburn Global Forex in New York.
But Federal Reserve Chairman Jerome Powell’s comments on Friday led to the dollar falling from its all-time highs after he said tighter credit conditions could lead to a cap on rate hikes. of interest.
The dollar got a small boost after St. Louis Federal Reserve Chairman James Bullard said on Monday that the bank may still have to raise interest rates by half a percentage point this year. .
currency movements
- The dollar rose against the Japanese yen in recent trades, by 0.36%, to 138.43 yen, which is slightly below its highest level in six months at 138.75 yen, which it has reached Thursday.
The euro rose 0.04% to $1.0810, after hitting a more than seven-week low of $1.0760 on Friday.
- The dollar index, which measures the performance of the US currency against the six major currencies, rose 0.19% to 103.22 points, to remain close to its highest level recorded last week at 103, 63 dots.
-
The British pound fell 0.14% to $1.2428, after hitting a three-week low of $1.2392 on Thursday.
-
The Australian dollar fell 0.12% to $0.6644.
-
The New Zealand dollar rose 0.06% to $0.6280 as investors bet the Reserve Bank of New Zealand would raise interest rates by half a percentage point on Wednesday.
-
The Chinese yuan fell to 7.0473 to the dollar in foreign trade, and is heading for its lowest level in six months, which it recorded on Friday at 7.0750 dollars.
Read the Latest World News Today on The Eastern Herald.
