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Inflation data boosts interest rate cut expectations and weakens the dollar
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Baghdad today - follow-up
The dollar fell to its lowest level in several months, today, Thursday (May 16, 2024), after core inflation in the United States recorded its slowest rate in 3 years, which reinforced expectations of a cut in interest rates in the largest economy in the world and increased bets that the US currency may have reached... The climax of the current stage.
In Asia, the Japanese yen continued to recover for the second session, recording its strongest levels in two weeks at 153.6 to the dollar, with the gap between US and Japanese yields narrowing.
The Australian dollar, which rose 1 percent on Wednesday, hit its highest level in four months at 0.6714 US dollars, but its march then stopped after an unexpected rise in unemployment in Australia. In the latest trading, it reached $0.6687.
The euro rose to its highest level in two months at $1.0895. The New Zealand dollar also rose to a two-month high of $0.6140. The British pound reached its highest level in a month at $1.27.
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