2024-02-29 13:34:12
The dollar moved toward monthly gains on Thursday ahead of widely anticipated inflation data that might impact interest rate expectations, while a falling yen found a footing following a policymaker signaled the need to exit ultra-easy policies.
Bitcoin has been on the rise, surpassing $63,000 early in the European morning for a gain of regarding 50% in February. The monthly rise is the largest since December 2020, and a record high above $69,000 is on the horizon. Its last price was $63,051.
The Japanese yen and the Swiss franc, two safe-haven currencies, were the worst performing among the G10 currencies once morest the dollar this month, as investors sought riskier assets and as bets on US interest rate cuts declined, leading to a rise in the dollar.
The yen was last trading at 149.87 yen to the dollar, down regarding 2% during the month. It rose nearly 0.6% on the day it came following Bank of Japan board member Hajime Takata said he felt there were finally prospects of achieving the bank’s 2% inflation target, paving the way for leaving negative interest rates and yield limits.
The yen fell more than 2% once morest the euro this month and hit a nine-year low once morest the Australian and New Zealand dollars as investors earned income by borrowing the yen at near-zero interest rates and selling it once morest currencies with higher interest rates.
The euro settled at $1.0835 and was largely flat during the month, the pound also settled at $1.2665 and the Australian and New Zealand dollars fell in February as expectations grew that interest rate hikes had ended at a lower level.
The New Zealand dollar in particular suffered losses at US$0.6105, following falling 1.2% once morest the dollar the previous day when the central bank held interest rates and surprised markets with a downward revision of its interest rate forecasts. The Australian dollar rose 0.3% to US$0.6516 on Thursday, falling on… Monthly basis 0.8 percent.
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