Dollars
Dollar Near Five-Week Low as Rate-Cut Expectations Rise
Singapore: The US dollar remained under pressure today after weak economic data reinforced expectations of an interest rate cut by the Federal Reserve next week. The softer outlook for US monetary policy offered support to the Japanese yen and pushed the euro to its highest level in nearly seven weeks.
The US dollar index, which measures the currency against six major peers, stood at 98.919, hovering near a five-week low. The index has declined nearly 9 percent since the beginning of the year.
The euro was steady at USD 1.1674 during Asian trading hours, after touching its strongest level since 17 October on Tuesday. The rise followed data showing that business activity in the Eurozone expanded in November at its fastest pace in 30 months. The euro has gained more than 12 percent this year, putting it on track for its biggest annual increase since 2017.
The Japanese yen held around 155.18 per US dollar, with market concerns over possible intervention by Japanese authorities easing slightly.
Meanwhile, the British pound traded at USD 1.33425. The Australian dollar was last quoted at USD 0.66075, and the New Zealand dollar stood at USD 0.5774—both near their highest levels in more than a month.
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