2024-04-10T10:23:57+00:00
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/ The US dollar rose, ahead of the release of a major report on inflation in the United States later today, Wednesday, while the yen remained near the lowest level in several decades, keeping traders on alert to monitor any indications that the Japanese authorities may intervene to support the currency.
The main focus in the market today is on consumer price inflation in the United States for the month of March, scheduled for release today, which traders are looking forward to in search of indicators regarding the policy that the Federal Reserve (the US central bank) will pursue in the next stage.
The inflation data comes after the strong jobs report that was issued last Friday, and contradicted previous expectations, raising questions about when the Federal Reserve will begin reducing interest rates this year and by what percentage.
Strong inflation data may prompt markets to rule out a cut in interest rates in June, which could lead to a sharp rise in the dollar.
The dollar index, which measures the value of the US currency against six other currencies, rose 0.02 percent to 104.1 points.
As for Japan, no new warnings were issued at a time when the yen remained near its lowest level in 34 years against the dollar before the release of the US data. However, Bank of Japan Governor Kazuo Ueda denied market speculation that a sharp decline in the value of the yen might force the central bank To raise interest rates.
The yen settled at 151.83 to the dollar.
In the latest trading, the New Zealand dollar rose 0.12 percent to $0.60685 after briefly jumping to the highest level in three weeks at 0.60775 against the dollar after the Reserve Bank of New Zealand stabilized interest rates as expected, but warned of continued inflation.
The euro settled at $1.0851 after jumping to its highest level in three weeks against the dollar on Tuesday as the European Central Bank meeting approaches tomorrow, Thursday.