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The dollar is flying near its highest levels in three months
Economical 02/15/2024
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Capitals: Agencies
The dollar traded near its highest levels in three months against its major counterparts, yesterday, Wednesday, as traders retreated from their bets on the first interest rate cut by the Federal Reserve (the US central bank) in the wake of the surprisingly high inflation numbers in the United States overnight.
The US currency's rise above 150 yen for the first time since November 17 prompted Japan's chief currency diplomat to hint at the risk of intervention if the yen's "rapid" and "speculative" declines continue, according to Reuters.
Federal Funds futures currently do not specify any rate cuts in March, with less than a 50% chance of an easing in May, according to LSEG's interest rate probability application, after the Consumer Price Index (CPI) in January rose 3.1% from a year earlier. .
The dollar/yen pair tends to track long-term US Treasury yields, which rose overnight and then rose to a new peak in two and a half months of
4.33% on Wednesday.
The dollar has added about 10 yen to the price since the beginning of this year.
Meanwhile, the dollar index - which measures the US currency against six major currencies, including the yen, the euro and the pound - was trading just below its three-month high of 104.96 on Tuesday.
The euro settled at $1.0710 after falling to its lowest level in three months at $1.07005 overnight.
There was little change in the pound sterling at $1.2594, after it fell about 0.3% on Tuesday. This was well above recent lows, with strong UK economic data suggesting the Bank of England will be slower than major peers to cut interest rates.
The Australian dollar fell near its lowest level in three months at $0.6443, which it recorded overnight, and was traded in the latest transactions at $0.64545.
The leading Bitcoin currency regained its composure after briefly falling from about $50,000 to $48,325 overnight, before last trading at $49,560. It had risen by nearly 31% from the lowest level recorded on January 23 to its highest level in more than two years at $50,385, which it recorded on Tuesday before the release of the US Consumer Price Index data.
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