United States dollar increases to 13-month high
Date
11/24/2024 7:22:27 AM
(MENAFN) The US dollar surged to a new 13-month high on Friday, as investors measured the outlook for the Federal Reserve's interest volume path.
The dollar index increased 0.08 percent to 107.15 following touching its greatest level since October 4, 2023 at 107.18, with little data this week to dent its strength.
The dollar has appreciated about 3 percent so far this month on estimates that Trump's regulations might reignite inflation and limit the Fed's ability to cut volumes, keeping other currencies under pressure.
Sterling traded at USD1.25705, last down 0.14 percent on the day. It previously touched its weakest against the dollar since May 14 at USD1.25655.
The euro, which marks up a large portion of the dollar index, slid 0.05 percent to USD1.0469 following dropping to a 13-month low of USD1.0461 the prior day.
The euro has been one of the major casualties of the dollar's post-election ascent. Latest escalations among Russia and Ukraine and political uncertainty as Germany, the bloc's largest economy, have further weighed.
The Japanese yen has dropped a little more than 7 percent against the greenback since October, sliding back under 156 per dollar last week for the initial time since July and sparking the possibility Japanese authorities could again take steps to shore up the currency.
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