The dollar is falling with the US Central Bank hinting to stop tightening monetary policy


The dollar fell against most of the major currencies today, after the Federal Reserve (the US central bank) opened the door to a temporary halt to the sharp monetary tightening cycle, although the markets were shocked, due to the reluctance to take risks amid a decline in US bank stocks.
In light of weakness in Asian trading, the pound rose 0.2% to its highest level in nearly 11 months at $1.25905, while the euro rose 0.19% to $1.1082, hovering near its latest peak in a year.
The dollar index also fell, in the latest reading, by 0.14%, to 101.09, after declining by more than 0.6% in the previous session.
The cautious appetite for risk supported the Japanese yen, which represents a safe haven in market turmoil, as it rose about 0.1% against the dollar to 134.56.
The risk-sensitive Australian and New Zealand dollars reversed their earlier losses during Asian trade, rising 0.3% each to $0.6692 and $0.6249, respectively.
All eyes are on the European Central Bank, which is expected to raise interest rates for the seventh consecutive meeting later today.

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