Dollar to secure monthly gains ahead of main inflation data
Date
2/29/2024 4:31:11 AM
(MENAFN) As Thursday unfolded, the dollar remained on course to secure monthly gains, with market focus sharpening on forthcoming inflation data that holds the potential to sway interest rate expectations. Concurrently, the yen experienced a decline, finding support as a policymaker hinted at the necessity of moving away from ultra-accommodative monetary policies.
In the realm of cryptocurrencies, Bitcoin continued its upward trajectory, surging beyond the USD63,000 mark during early European trading hours. This surge contributed to a remarkable 50 percent increase in February, marking the largest monthly rise since December 2020 and bringing the digital currency tantalizingly close to its all-time high above USD69,000.
Against this backdrop, the yen's performance against the dollar remained notable, with the Japanese currency trading at 149.87 to the dollar, representing a two percent decline over the course of the month. However, the yen saw a modest uptick of approximately 0.6 percent during the day, following comments from Bank of Japan board member Hajime Takata. Takata's remarks, suggesting a growing confidence in the potential for inflation to reach the central bank's two percent target, hinted at the possibility of a shift away from negative interest rates, providing support for the yen amidst evolving monetary policy sentiments.
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