Currency markets respond to central bank, financial data

(MENAFN) On Friday, the Japanese yen experienced a decline against the US dollar following remarks from Bank of Japan Governor Kazuo Ueda, who expressed caution regarding premature declarations of victory in the ongoing battle against inflation. Conversely, the dollar weakened against the euro following the release of disappointing economic indicators from the United States.

In the realm of cryptocurrencies, Bitcoin surged towards its highest level in two years, approaching the peak it had reached earlier in the week on Wednesday.

Ueda emphasized that it was premature to conclude that inflation had reached a sustainable level close to the central bank's target of two percent. He underscored the necessity of analyzing further data, particularly regarding wage expectations.

The US dollar saw a modest increase of 0.15 percent against the Japanese yen, reaching a rate of 150.20 yen. However, the dollar index, which gauges the performance of the US currency against a selection of major currencies, witnessed a slight decline of 0.15 percent, settling at 103.96 points. This shift occurred after the release of a customer sentiment survey conducted by the University of Michigan, which fell short of expectations.

Conversely, the euro strengthened by 0.28 percent against the dollar, reaching a rate of USD1.0833. Similarly, the British pound experienced a modest increase of 0.09 percent, reaching a rate of USD1.2636.

In the world of cryptocurrencies, Bitcoin demonstrated resilience, rising by 0.7 percent in the latest trading session to reach USD61,840. This comes after achieving a peak of USD63,933 on Wednesday, marking its highest level since November 2021.


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