Dollar off 10-month high, Yen still under intervention watch

September 29, 2023 / 10:31 PM
Sharjah 24 – BNA: The dollar held off a 10-month high on Friday as markets headed into the end of the quarter, giving the yen slightly more breathing room at the end of the week amid intervention concerns.
The euro largely held its ground after rebounding overnight, but was still not far from its January low of $1.0482, which if broken would be the lowest since December, Reuters reported.

The dollar index, which tracks the currency against six other majors, was mostly flat in the Asian morning, on track for an 11th straight week of gains, after dipping as low as 106.020 overnight.

The dollar gained on expectations that the US economy would remain more resilient to higher interest rates than other economies, after the Federal Reserve last week warned that it may raise rates further and is likely to hold them high for longer.

US Treasury yields, which had been lending support to the dollar's rise, fell from multi-year highs overnight, as technical factors kicked in to stall their surge.
September 29, 2023 / 10:31 PM

Related Topics

More on this Topic

Rotate For an optimal experience, please
rotate your device to portrait mode.