© Reuters.
WASHINGTON – The US dollar (DXY) rose to the pivotal 104.00 level today, supported by a downgrade in China’s credit outlook and signals from the European Central Bank (ECB) that it may hold off on raising interest rates after a faster-than-expected slowdown in inflation in Europe.
The strengthening of the dollar comes amid broader market movements, as Asian stock markets witnessed significant losses, with major indices falling by more than one percent and Chinese indices falling by more than two percent.
This contraction is part of a global sell-off that saw mixed reactions in US futures and marginal gains in European stocks. The performance of retail sales in the United States also reflected a decline, with the Redbook index falling from previous levels by more than six percent to three percent.
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2023-12-05 20:30:00
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