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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Dollar rises, nears one-week high

    Rocky
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    • Post n°1

    Dollar rises, nears one-week high Empty Dollar rises, nears one-week high

    Post by Rocky Fri 30 Aug 2024, 5:16 am

    Dollar rises, nears one-week high

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    Economy News - Baghdad
    The dollar hovered near a one-week high against major currencies on Friday, set to end a five-week losing streak after economic data dampened bets on a major U.S. interest rate cut.
    The euro held near a two-week low against the dollar as slowing inflation in Germany and Spain boosted the chances of the European Central Bank easing monetary policy.
    The yen held steady near 145 against the dollar after falling on Thursday as the dollar tracked a rise in U.S. Treasury yields.
    The Japanese currency largely shrugged off data on Friday that showed core consumer prices in Tokyo rose at a faster-than-expected 2.4 percent in August, again above the Bank of Japan’s 2 percent target, even though another measure excluding energy costs rose just 1.6 percent.
    U.S. data showed that gross domestic product grew at an annual rate of 3 percent in the second quarter, a revised figure compared to the 2.8 percent rate announced last month.
    Economists polled by Reuters had expected no revision to GDP growth.
    According to the CME FedWatch tool, traders now expect a quarter-point rate cut on September 18, while the odds of a 50 basis point cut are now just 34 percent, down from 38 percent a day earlier.
    The dollar index, which measures the greenback against a basket of six major currencies, was little changed at 101.34 by 0032 GMT, after rising 0.36 percent on Tuesday to touch its highest since Aug. 22 at 101.58.
    The index is expected to rise 0.66 percent this week, which would be its best week since early August and would end a five-week losing streak.
    But on a monthly basis, the index is expected to suffer a loss of 2.6 percent in August, which would be its worst month since November last year.
    The dollar fell 0.14 percent to 144.78 yen after rising to 145.55 yen overnight for the first time since Aug. 23.
    The euro was little changed at $1.1082 and fell to $1.10555 on Thursday. Later in the day, more inflation readings are due from Europe including France, Italy and the euro zone as a whole.
    The US will also release core personal consumption expenditures price index data, the Federal Reserve's preferred measure of inflation.
    The pound was steady at $1.31655 after falling to $1.3146 overnight for the first time since August 23.


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