2024-02-08T05:42:13+00:00
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/ The dollar is trading within a narrow range on Thursday, as traders assess less dovish comments from U.S. central bank policymakers overnight and look forward to fresh economic data from the United States.
Focus was on inflation data from China, the world’s second-largest economy.
Over the past few hours, several Fed officials have outlined a number of reasons why policymakers do not feel an urgent need to begin monetary easing in the United States soon or move quickly if they decide to go in that direction.
“Right now, policy remains in good shape, and we are carefully assessing the data and the outlook,” Boston Fed President Susan Collins said.
She added that she believed it would be “appropriate to begin easing policy restrictions later this year.”
The dollar fell overnight, after rising above its 100-day moving average for the first time since late November on Monday and Tuesday, driven by higher U.S. jobs data on Friday.
The dollar index, which measures the US currency against six major currencies, has been hovering around 104.00 in the past period.
The euro rose 0.06 percent to $1.0777 per dollar, holding above its lowest since Nov. 14 at $1.0722 hit on Tuesday.
The pound was little changed at $1.26305, while the yen was steady against the dollar at 148.18.
The offshore Chinese yuan remained stuck near 7.206 against the dollar.
As for cryptocurrencies, Bitcoin rose 0.94% to $44,602.23.