2024-01-29T09:17:31+00:00
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/ The dollar prices stabilized on the international stock exchange on Monday, coinciding with investors’ focus on analyzing the implications of US economic data before the US Federal Reserve meeting this week, while the escalation of geopolitical tension in the Middle East curbed risk appetite.
According to economic media, the dollar index, which measures the performance of the US currency against a basket of six competing currencies, was little changed, recording $103.50, remaining close to the highest level in six weeks that it touched last week at $103.82.
The index is on track to rise 2% in January amid declining expectations among traders for a significant and imminent cut in US interest rates.
Investors’ attention this week will be focused on the US Federal Reserve’s two-day monetary policy meeting starting on Tuesday, where the central bank is widely expected to keep interest rates unchanged, with comments from Federal Reserve Chairman Jerome Powell in the spotlight.
Investors will also be watching a series of economic data including US unemployment and employment reports which will help gauge the strength of the labour market.
The euro fell 0.08% to $1.0842, heading for a 2% decline this month. The European Central Bank last week kept interest rates at a record high of 4% and reaffirmed its commitment to fighting inflation.
The pound was up 0.01% at $1.2704 on the day ahead of the Bank of England’s monetary policy meeting this week.
The Japanese yen rose slightly to 148.07 per dollar, but is on track for a 5% decline in January, its weakest monthly performance since June 2022, as traders cut their expectations for when the Bank of Japan will abandon its ultra-easy monetary policy.
The Australian dollar also rose 0.29% to $0.6591 and the New Zealand dollar rose 0.12% to $0.60975.
As for cryptocurrencies, Bitcoin rose in the latest transactions by 0.55% to $422,016.