The price of the dollar is USD
The US dollar witnessed a clear recovery during Tuesday’s trading, amid investors’ anticipation of Powell’s speech shortly, as the currency also received support from the statements of some hawkish members of the US Federal Reserve, which helped the dollar recover from its sharp losses that it witnessed yesterday.
And the dollar witnessed sharp losses yesterday, with increasing uncertainty in the markets regarding the US Federal Reserve having to raise interest rates above the level of 5% to reduce inflation, following the late effects of the bank’s previous decisions on the economy began to appear, which reinforced expectations that the bank was close to stopping interest rates. raise interest rates.
Officials’ statements support the recovery of the dollar
The dollar opened early trading in the Asian session with a marginal increase, continued to expand until the green currency was able to recover and erase some of the losses of the previous session, with anticipation of what the US Federal Reserve Governor Jerome Powell will address regarding inflation and the bank’s monetary policy, in addition to the support that the US dollar received as a result of The statements of some members of the US Federal Reserve late yesterday.
Members’ comments that interest rates should rise further and keep them high for the rest of the year supported the dollar’s rally, especially as markets await Powell’s speech and December inflation data on Thursday.
The US Fed member of the state of Atlanta, Rafael Bostick, confirmed yesterday evening that the central bank still has more to raise interest rates, which was also confirmed by the member of the bank in the state of San Francisco, Mary Daly.
Daly also made it clear that the options on the table now are to raise interest rates by either 50 or 75 basis points, explaining that the bank will depend in its final decision on economic data, and these statements led to an increase in the appetite of investors to increase their holdings of the dollar, following investors’ concerns regarding the decision subsided. Next bank, and played down the impact of negative wage data released last Friday.
Market performance supports dollar profits
US Treasury yields witnessed a significant recovery during today’s trading, as it managed to erase some of the sharp losses of the previous sessions, and the benchmark 10-year Treasury yield rose by 2.37%, to record 3.6%, which helped the dollar to maintain the profits of today’s session.
Dollar performance now
In terms of trading, the dollar index – which measures the performance of the green currency once morest a basket of 6 other major currencies – rose by 0.24%, to record 103.42 points.
As for the performance of the dollar once morest the major currencies separately, the euro fell once morest the dollar by 0.14% to 1.0718 dollars, and the pound sterling also fell once morest the dollar by 0.51% to 1.2122 dollars.
At the same time, the dollar rose once morest the Japanese yen by 0.36%, recording 132.36 yen, and the US dollar also rose once morest its Canadian counterpart, by 0.19%, to 1.3415 Canadian dollars, and the dollar rose by 0.36% once morest the Swiss franc, by regarding 0.38%, to 0.9248 francs.
