The euro is trading almost unchanged at $1.0058, just below $1.0096 touched overnight, its highest since Sept. 13, after retreating 0.1%. The dollar I also know weakened to 145.17 yen in Asian trade, your lowest level of the monthY fell to 0.9823 Swiss francs, its lowest in almost five weeks.
In the last week, the US currency was pressured lower for the bets that the Federal Reserve I know back off rate hikes and that China will ease COVID rules to boost growth.
The dollar Index, which is heading to his best year in almost four decadeshe has down about 1% so far this week and on Wednesday it was around 109,670 units.
“We all know that the dollar will change at some point, but the big question is when,” he said. Moh Siong Simcurrency analyst at the Bank of Singapore, in dialogue with Reuters.
“My opinion is that the pullback is a consolidationrather than the end of the dollar’s uptrend, and that’s because I think the Fed is not done with its fight against inflation yetunless the data really give us confidence that inflation is about to come down for good,” he added.
US CPI data to be released on Thursday will be watched carefully, especially after last week’s Fed meeting had markets repositioning for an even higher spike of rates in the United States.