2023-12-26 02:43:00
© Archyde.com. US dollar bills and a Japanese yen note in an illustrative photo taken on March 10, 2023. Photography: Dado Rović – Archyde.com
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SINGAPORE (Archyde.com) – The dollar suffered on Tuesday amid weak trading due to the Christmas holiday, while facing pressure from signs that inflation in the world’s largest economy is falling, which will give the Federal Reserve (the US central bank) room to reduce interest rates next year.
Meanwhile, the yen held near its recent five-month high on prospects that the Bank of Japan will soon end its ultra-loose monetary policy. During most of 2022 and 2023, this policy kept the Japanese currency under pressure at a time when other major central banks raised interest rates.
Currency movements were largely weak the day following Christmas, with markets in Australia, New Zealand and Hong Kong still closed for the holiday.
Against the dollar, it fell 0.06 percent to $1.1019, but it was not far from the highest level in more than four months at $1.1040 recorded last week.
There was little change and was traded at $1.2701, while the Australian and New Zealand dollars settled near their highest levels in five months.
It fell near the lowest level in five months, which was recorded last week and reached 101.42 points, and reached 101.65 points.
In Asia, the yen rose 0.1 percent to 142.20 per dollar, drawing additional support from comments by Bank of Japan Governor Kazuo Ueda, who indicated the possibility of a shift in policy.
The New Zealand dollar rose 0.1 percent to reach $0.63145, while the last price of the dollar reached $0.68065.
(Prepared by Mahmoud Reda Murad for the Arabic Bulletin)
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