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US dollar declines against most of key currencies in global trading
(MENAFN) On Wednesday, the US dollar experienced a decline against most major currencies in global trading. The dollar index, which tracks the currency's strength against a basket of six prominent currencies, fell by 0.3 percent, settling at 101.4. This decrease reflects a broader trend of diminished confidence in the greenback as market sentiment turned more risk-averse.
Against the Japanese yen, the dollar saw a more substantial drop, falling 0.9 percent to 144.22 yen. This movement comes as global financial markets exhibit cautious behavior, contributing to a generally risk-averse trading environment. The dollar index, however, remained approximately one percent above its late August low of 100.51, indicating some resilience despite the current declines.
In contrast, the euro strengthened by 0.3 percent to USD1.1077, recovering from slight losses observed earlier in the session. The euro's rebound highlights its relative strength amid the dollar's decline. Additionally, the Canadian dollar gained 0.2 percent against the US dollar following a recent decision by the Bank of Canada to lower its main interest rate by 25 basis points, bringing it to 4.255 percent.
The British pound also appreciated, rising 0.35 percent to USD1.316 after a previous dip to USD1.31010. This uptick in the pound's value illustrates a recovery from earlier losses, reflecting its improved performance relative to the US dollar amid shifting market dynamics.
Against the Japanese yen, the dollar saw a more substantial drop, falling 0.9 percent to 144.22 yen. This movement comes as global financial markets exhibit cautious behavior, contributing to a generally risk-averse trading environment. The dollar index, however, remained approximately one percent above its late August low of 100.51, indicating some resilience despite the current declines.
In contrast, the euro strengthened by 0.3 percent to USD1.1077, recovering from slight losses observed earlier in the session. The euro's rebound highlights its relative strength amid the dollar's decline. Additionally, the Canadian dollar gained 0.2 percent against the US dollar following a recent decision by the Bank of Canada to lower its main interest rate by 25 basis points, bringing it to 4.255 percent.
The British pound also appreciated, rising 0.35 percent to USD1.316 after a previous dip to USD1.31010. This uptick in the pound's value illustrates a recovery from earlier losses, reflecting its improved performance relative to the US dollar amid shifting market dynamics.
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