Dollar weakens once morest major currencies By being pressured by the appreciation of the euro and yen.
As of 11:17 p.m. PST, the dollar was 1.02% lower to 142.62 yen, while the euro was down 0.55% to 143.24 and appreciated 0.48% to 1.004. The index measures the dollar’s movements once morest six major currencies in a basket of currencies, minus 0.64% to 109.00.
The euro has been positive as the European Central Bank (ECB) raised interest rates by 0.75% at its meeting yesterday. Along with signaling further interest rate hikes, stating that “inflation is still too high. and is likely to stay above the ECB’s target for a period of time.”
The yen strengthened today. which was supported by the expectation that The Bank of Japan (BOJ) may intervene in the market to stem the yen’s depreciation.
BOJ Governor Haruhiko Kuroda said today that The sharp weakening of the yen during this period is not good for Japanese firms.
Kuroda’s statement came following a meeting with Japanese Prime Minister Fumio Kishida. After the yen sank to a 24-year low once morest the dollar earlier.
Markets are keeping an eye on the consumer price index (CPI) for the month of August, due to be released on Sept. 13. US Federal Reserve (Fed) interest rates at meeting Sept. 20-21
The latest CME Group’s FedWatch Tool indicates that investors are weighing as much as 86% that the Fed will raise interest rates 0.75% to 3.00-3.25% at its Sept. 20-21 meeting, weighing only 14%. The Fed will raise interest rates by 0.50%
