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The dollar is stable amid anticipation of purchasing managers' surveys
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Baghdad today - follow-up
The dollar was broadly stable today, Thursday (February 22, 2024), as traders awaited a series of business activity surveys to measure the strength of major economies and what this might mean for interest rate expectations around the world.
Preliminary PMI readings for the US, UK and eurozone are due later on Thursday, and will shed more light on the manufacturing and services sectors.
The euro increased in early Asian trading by 0.11 percent to $1.0831, while sterling settled at $1.2638.
The dollar rose against the yen and returned to trading again above the 150 level, reaching 150.34 yen in the latest transactions.
Policy makers, especially from the Federal Reserve (the US central bank) and the European Central Bank, express their disagreement with market expectations of a series of interest rate cuts around the world this year, and they attribute this to continued inflationary pressures and the risks of lowering interest rates before economic conditions qualify for that.
The minutes of the Federal Reserve's most recent policy meeting, released on Wednesday, reinforced the view that the US central bank is in no rush to lower interest rates.
The Australian dollar increased 0.07 percent to $0.65565, while the New Zealand dollar rose to its highest level in a month at $0.6198.
The dollar index fell 0.06 percent to 103.92.
Source: Agencies
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