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The US dollar strengthened amid Fed comments while yen sank

08 Feb,2024
The US dollar strengthened amid Fed comments while yen sank

The greenback traded in a tight range on Thursday and maintained a position just below 12-week peak touched earlier during the prior week, as traders assess Fed’s policymaker’s comments in the earlier session.

Numerous Fed speakers provided a variety of justifications on Wednesday for their lack of urgency in starting early interest rate cut.

The dollar index that gauges the greenback versus its major pairs edged up by 0.1% at 104.14, having gained momentum following Friday's shocking jobs data.

The greenback was buoyed by high US treasury yields, specifically versus the currencies like currencies with lower-yielding, like the yen.

EUR/USD moved little at $1.0768, just a bit higher than the earlier touched lowest level at $1.0722 touched earlier on Tuesday.

GBP/USD was largely steady at $1.2619.

Yen dipped against the dollar by 0.5% to 148.84, Just barely below its lowest point since November 14.

The Yaun muted although the consumer prices in China, dipped at their fastest rate over 14 years in January.

 

 

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