Dollar rises against rivals, eyes on US and Eurozone data

Meet the opponents of the men's and women's soccer teams at the Tokyo Olympics

After a volatile session, the dollar strengthened against its rivals on Thursday. Among indicators, investors kept an eye on the number of US jobless claims and consumer inflation data in the euro area. Following the monetary decision of the Central Bank of Turkey, the Turkish lira rose against the dollar.

The DXY index, which measures the dollar against six rivals, closed 0.24% higher at 95.735 points. By late afternoon in New York, the euro fell to $1.1307 and the pound fell to $1.3593, while the dollar settled at 114.16 yen.

Consumer inflation (CPI) in the euro area boosted the DXY index, with the euro depreciating against the dollar, rising 5% year-on-year in December. However, the US currency was later under pressure from the US jobless claims numbers, which rose to 55,000 last week, above analysts’ forecasts.

Western Union analyst Joe Manimbo explains how the dollar continues to outperform Treasury yields and expectations. flamboyant The Federal Reserve (Fed) will raise its base rates this year.

In emerging markets, the Turkish lira strengthened against the dollar after the Central Bank of Turkey decided to keep the basic interest rate at 14% after a series of cuts. In a report, however, Capital Economics estimates that the Turkish lira should remain stable for only a short period. Despite today’s decision, the consultancy predicted the country’s central bank would cut rates further later this year, weakening the local currency. At the quoted time, the dollar fell to 13.3673 from 13.4178 yesterday afternoon.

See also  Venezuela wants '100% digital' economy to circumvent US sanctions

About the author: Sarah Gracie

"Proud social media buff. Unapologetic web scholar. Internet guru. Lifelong music junkie. Travel specialist."

Related Posts

Leave a Reply

Your email address will not be published.