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After reaching a two-month high, the dollar searches for guide

By Rana Gharib
17 Aug,2023
After reaching a two-month high, the dollar searches for guide

Fed minutes left the door open for additional rate hikes, and figures released this week showed a robust U.S. economy, so the dollar index slipped from the highest level in two months on Thursday.

Recent U.S. economic indicators that support the idea that interest rates will stay high for sometime have boosted the value of the dollar.

According to figures released on Wednesday, the number of single-family homes built in the United States increased in July and the number of building permits increased. A separate study said that production at American industries surprisingly increased last month.

The dollar index that gauges the greenback versus its major pairs reached the highest level in two months of 103.59 before dipping slightly on the day to close at 103.300.

EUR/USD soared by 0.11% to $1.08895, post hitting the lowest level in 6 months at $1.0862.

GBP/USD climbed 0.7% at $1.08895, post advancing yesterday amid british inflation figures.

 

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