The dollar traded within a narrow range after statements from Federal Reserve officials
The dollar is trading within a narrow range, Thursday, with traders evaluating less dovish statements from policymakers at the Federal Reserve (the US central bank) overnight and looking forward to new economic data from the United States.
The focus was also on inflation data issued in China, the second largest economy in the world.
During the past hours, many US Central Bank officials reviewed a group of reasons why policymakers do not feel an urgent need to start monetary easing in the United States soon or move quickly if they decide to move in this direction.
“For now, policy remains in good shape, and we are carefully evaluating the data and expectations,” Boston Fed President Susan Collins said, adding that she believed it would be “appropriate to begin easing policy restrictions later this year.”
The dollar fell overnight after rising on Monday and Tuesday for the first time since late November, above its 100-day average, driven by a rise in US jobs data on Friday.
The dollar index, which measures the US currency against six major currencies, has recently been hovering around 104.00.
As for the rest of the major currencies, they moved in early Asian trading as follows:
- The euro rose 0.06 percent to 1.0777 per dollar, holding above its lowest level since November 14 at $1.0722 recorded on Tuesday.
- The British pound saw little change at $1.26305.
- The yen also stabilized against the dollar at 148.18.
- The offshore Chinese yuan remained stuck near 7.206 to the dollar.
Regarding cryptocurrencies, Bitcoin rose 0.94 percent to $44,602.23.
Bitcoin has fallen 18% since the launch of its ETFs
2024-02-08 04:52:18
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