2024-01-24T06:50:31+00:00
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/ The dollar hovered near a six-week high against its major peers on Wednesday, as investors shored up expectations that the Federal Reserve will not rush to cut interest rates in the face of a resilient U.S. economy.
However, the Japanese yen rose as expectations rose for an exit from stimulus in March, following hawkish comments from the Bank of Japan on Tuesday.
The US dollar index, which measures the currency’s performance against six rivals, including the euro and the yen, was steady at 103.48 after rising to its highest level since Dec. 13 at 103.82 in the previous session.
The euro was steady at $1.08565 after falling to $1.0822 on Tuesday for the first time since Dec. 13.
Sterling rose slightly to $1.2694, recovering some ground after falling 0.2% overnight. The Bank of England announces its policy decision on February 1.
The Japanese yen rose some ground on Wednesday, after a volatile session the previous day, after the Bank of Japan opted to keep its stimulus settings unchanged, as expected, but central bank Governor Kazuo Ueda hinted at a possible end to negative interest rates in April or even March.
The dollar fell 0.17 percent to 148.085 yen after swinging from a low of 146.99 to a high of 148.70 on Tuesday.
The dollar was steady at C$1.3462, after falling 0.15% on Tuesday.
The Chinese yuan was steady in offshore trading at 7.1660 per dollar, remaining close to a nearly two-week high of 7.1635.
Bitcoin rose to a record high of $49,048 on Jan. 11, a day after approval, but fell to a session low of $41,509.
(1 USD = 7.1720 Chinese Yuan).