© Archyde.com. A US dollar banknote is pictured in an illustrative photo from the Archyde.com archive.
SINGAPORE/LONDON (Archyde.com) – The dollar held steady on Thursday near a three-month high, supported by a message from Federal Reserve Chairman Jerome Powell regarding the need for more interest rate hikes, possibly faster than investors previously expected. .
It fell following China announced an unexpected drop in inflation.
On the second day of congressional testimony on Wednesday, Powell reiterated his message, but noted that the debate over the scope and path of future rate hikes is still ongoing and will depend on the data.
It fell 0.1 percent to 105.44 points, but remained near a three-month high of 105.88 hit on Wednesday.
It declined in the latest transactions by 0.8 percent once morest the yen to 136.29, while it rose and the pound was in front of it.
The euro rose in the latest trading 0.1 percent to 1.0555 once morest the dollar.
The British pound also increased 0.4 percent to 1.1885 once morest the dollar. It had lost 1.5 percent of its value once morest the US currency this week, with a greater loss than the euro, which lost 0.7 percent, and the yen, which lost 0.3 percent once morest the dollar.
The yuan weakened following China released data showing its slowest annual consumer price inflation in a year in February, raising doubts regarding the pace of economic recovery.
And it fell in foreign transactions to nearly the psychologically important level at seven once morest a dollar, and it was in the latest transactions down 0.2 percent to 6.981.
The Canadian dollar fell to its lowest level in nearly five months, and settled in the latest trading at 1.3805 once morest the dollar.
The Australian dollar fell 0.3 percent to 0.6611 once morest the dollar.
(Prepared by Mahmoud Salama and Noha Zakaria for the Arabic Bulletin – Edited by Ayman Saad Muslim)
