2023-10-16 20:48:00
© Archyde.com. US dollar banknotes in a photo from the Archyde.com archive.
NEW YORK (Archyde.com) – The dollar’s performance was mixed on Monday, ahead of a week full of speeches by officials from the Federal Reserve (the US central bank), which will be closely followed in search of more clues on monetary policy as investors monitor developments in the Middle East.
Traders will evaluate whether the US Federal Reserve will raise interest rates once more as it makes efforts to bring inflation back towards the target level of two percent.
“The market will be focused on whether we will see a rebound in the economy early next year and whether that will feed inflation-related pressures,” said Edward Moya, chief market analyst at OANDA in New York.
He added, “The market has become somewhat confident that the Federal Reserve has finished raising interest rates, but we will see whether the geopolitical risks… whether the global energy crisis will contribute to higher inflation during the winter.”
It fell 0.29 percent to 106.23. It reached 107.34 on October 3, the highest level since November 2022.
It rose 0.40 percent to $1.0554. It had fallen to $1.0448 on October 3, the lowest level since December 2022.
The Japanese settled at 149.55, near the sensitive 150 level. Traders believe that it is increasingly likely that the Japanese authorities will intervene to support the currency if it declines beyond this level.
The yen reached 150.17 once morest the dollar on October 3, the lowest level of the year, before rising sharply for a short period.
The New Zealand dollar rose 0.71 percent to $0.5925.
(Prepared by Hassan Ammar for the Arabic Bulletin – Edited by Ali Khafaji)
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