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US dollar drops to lowest level this year against euro
(MENAFN) On Wednesday, the US dollar dropped to its lowest point this year against the euro, as traders awaited significant revisions to US jobs data later in the day. This decline came ahead of Federal Reserve Chairman Jerome Powell's anticipated speech at the end of the week. The dollar's weakness was compounded by falling US bond yields, which had reached their lowest levels since August 5, following unexpectedly weak job figures that heightened recession concerns.
Powell's upcoming keynote address on Friday at the Federal Reserve's Jackson Hole economic symposium in Kansas City is highly anticipated. Market participants are keen to hear any indications regarding the potential size of the next rate cut and whether the Fed might lower borrowing costs at future meetings. This speech is expected to provide crucial insights into the Fed’s monetary policy trajectory.
The dollar index, which measures the currency against a basket of major currencies including the euro, pound, yen, and others, fell to 101.34, its lowest level since January 2. This decline marked a continuation of the trend observed over the past three sessions, during which the index fell by 0.5 percent or more.
The euro rose to USD1.1131, reaching its highest level since December 28. Meanwhile, the British pound remained steady at USD1.3033, though it had touched USD1.3054 on Tuesday, a peak last seen in July of the previous year. The dollar also fell 0.2 percent against the Japanese yen to 144.98, dipping below the significant psychological level of 145 yen for the first time since August 6. The Australian dollar remained just below a one-month high against the dollar, hitting USD0.6749 on Tuesday, while the New Zealand dollar edged up to USD0.61585, its highest level since July 8.
Powell's upcoming keynote address on Friday at the Federal Reserve's Jackson Hole economic symposium in Kansas City is highly anticipated. Market participants are keen to hear any indications regarding the potential size of the next rate cut and whether the Fed might lower borrowing costs at future meetings. This speech is expected to provide crucial insights into the Fed’s monetary policy trajectory.
The dollar index, which measures the currency against a basket of major currencies including the euro, pound, yen, and others, fell to 101.34, its lowest level since January 2. This decline marked a continuation of the trend observed over the past three sessions, during which the index fell by 0.5 percent or more.
The euro rose to USD1.1131, reaching its highest level since December 28. Meanwhile, the British pound remained steady at USD1.3033, though it had touched USD1.3054 on Tuesday, a peak last seen in July of the previous year. The dollar also fell 0.2 percent against the Japanese yen to 144.98, dipping below the significant psychological level of 145 yen for the first time since August 6. The Australian dollar remained just below a one-month high against the dollar, hitting USD0.6749 on Tuesday, while the New Zealand dollar edged up to USD0.61585, its highest level since July 8.
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