For his part, the yen loses 0.2%, standing at 132.62 units per dollar. However, Japan’s currency was headed for a weekly gain of around 3% after the Bank of Japan (BoJ) changed key bond market policy earlier this week.
In what has been a brutal year for world markets, the dollar has gained almost 9%, as the US Federal Reserve has aggressively raised rates to curb inflation, drawing investors back into the country’s fixed income assets.
However, The dollar index has fallen more than 8% since hitting its 20-year high in September and the sharp slowdown in US inflation has raised hopes that the Fed will end its tightening cycle soon.
However, the data cast doubt on the idea of a Fed pause. The number of new jobless claims rose less than expected last week, pointing to a still-tight job market, and a second report said the US economy rebounded in the third quarter at a faster-than-expected pace.
The dollar indexwhich compares the greenback to a basket of six prominent currencies, It was down less than 0.1% at 104.31 units.
“The market continues to bounce around what the Fed will do,” he said. jarrod kerr, chief economist at Kiwibank. Kerr said investors are “trying to figure out when the last rate hike will be and to what level.”
Source: Ambito
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