2023-12-26 17:47:45
The US dollar fell once morest other major currencies during trading on Tuesday, as markets awaited more clues regarding when the Federal Reserve might begin a monetary easing cycle as inflationary pressures slow.
The US dollar is heading to record its worst performance since 2020 once morest a basket of currencies, as expectations of interest rate cuts have weakened the attractiveness of the US currency, leading to its decline since the beginning of the year by regarding 1.9%.
The dollar index – which measures the performance of the US currency once morest a basket of six currencies – recorded a decrease of 0.15% at 101.55 points, following touching the lowest level since the end of July at 101.43 points on Friday.
The US currency fell once morest the euro by 0.15% at $1.1034, and also decreased once morest the British pound by regarding 0.1% at $1.2710, while it rose once morest its Japanese counterpart by 0.15% at 142.51 yen.
This comes following data on Friday showed the US PCE price index fell in November on a monthly basis for the first time in more than 3 years, supporting expectations of an interest rate cut in March.
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