Dollar increases as investors await major U.S. inflation data
Date
6/26/2024 6:03:18 AM
(MENAFN) On Wednesday, the dollar saw an increase, trading near the 160 yen mark as investors grew cautious in anticipation of upcoming US price data expected later in the week. The euro experienced a slight decline overnight, stabilizing at USD1.0708 during Asian trading. The yen reached 159.71 per dollar, raising market alerts as it approached the level at which Japanese authorities may have intervened to buy yen back in April.
The Canadian dollar saw a brief surge to its highest level in three weeks following a sudden jump in inflation revealed by data released on Tuesday. Market expectations are now focused on US data due on Friday, which is anticipated to show annual growth in core personal consumption expenditures slowing to 2.6 percent in May. This would mark the lowest level in more than three years and could pave the way for potential interest rate cuts. This index is the US Federal Reserve's preferred measure of inflation, but despite the data, policymakers continue to signal no immediate rush to reduce rates.
Meanwhile, the Australian dollar fell by 0.1 percent to USD0.6640, and the New Zealand dollar dropped to USD0.6115. The British pound remained steady at USD1.268. In the cryptocurrency market, Bitcoin showed some recovery after falling below USD60,000 earlier in the week, trading at USD61,668.
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