The dollar index thus leaves behind the minimum reached last week, while the yen fell again for the third consecutive day.
He global dollar rose on Wednesday, recouping some of the losses stemming from fresh bets on U.S. interest rate cuts. United States Federal Reserve (Fed) this year.
He dollar indexwhich compares the greenback with a basket of six major currencies, advanced 0.11%, to 105.54 units, above the one-month low reached last week.
He dollar It gained 0.59% against the yen, to 155.6 units, moving away from last week’s low of 151.86. Meanwhile, the euro fell 0.08% to $1.0745, while the pound fell 0.1% to $1.2492.
In Europe, the swedish crown came under pressure after the central bank cut rates and said it expects two more cuts this year.
The fall of the yen
For his part, the and in remained at the forefront of currency traders’ attention, weakening for the third day in a row and prompting Japanese authorities to issue a stronger warning about the impact of currency weakness on the economy.
Traders believe that Japanese authorities spent about $60 billion last week to shore up the yen after hitting its lowest level in 34 years against the dollar, around 160 units. Analysts believe that further intervention would only give the yen a temporary respite, given the wide difference in rates between United States and Japan.
“I don’t think the market is ignoring the risk of intervention, but… unless there is a significant change in the economic outlook for USA, “We also do not believe that there will be a significant change in the configuration of the currency markets,” he said. Vassili Serebriakov, currency strategist at UBS in New York.
Source: Ambito
