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The U.S. dollar has retreated from a 10-month high, shedding 0.5% of its value in response to surging U.S. yields. Just a day earlier, the dollar had reached its highest point since November. Its recent upward trajectory, with a September gain of 2.32%, marks its 11th consecutive weekly increase. Investors are anticipating that the Federal Reserve will continue to hike interest rates due to robust economic data.
However, the dollar’s climb took a pause as some Fed officials expressed concerns about the need for further rate hikes to prevent the economy from overheating.
The market is eagerly awaiting comments from Fed Chair Jerome Powell, scheduled for later in the day, for insights into the future of U.S. monetary policy.
Euro, Pound, and Others Recover Ground from the Dollar
The strength of the dollar has exerted pressure on other major currencies, notably the euro, which touched an eight-month low at $1.0488. The euro showed signs of recovery on Thursday, posting a 0.64% gain to reach $1.0570, although it remained under the influence of weak inflation data from Germany.
Similarly, the pound rebounded from recent lows, surging by 0.64% to reach $1.2211. This upturn followed the Bank of England’s decision to maintain interest rates unchanged in its last meeting.
The dollar’s dominance also waned against the Swiss franc and the Japanese yen, declining by 0.62% and 0.27%, respectively. While the yen had been weakening against the dollar, fears of intervention by Japanese authorities loomed. The market anticipated possible intervention to support the yen if it dipped below the critical level of 150 per dollar.
Outlook Depends on Economic Data and Fed Signals
The future direction of the dollar hinges on forthcoming U.S. economic data and signals from the Federal Reserve. The U.S. is set to release its third-quarter GDP report on Friday, with expectations of robust growth at around 3%. The Fed’s next policy meeting, scheduled for November 1–2, is widely anticipated to result in the fourth rate hike of the year.
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