The US dollar fell against other major currencies during trading on Tuesday, as markets awaited more clues about when the Federal Reserve might begin a monetary easing cycle as inflationary pressures slow.
The US dollar is heading to record its worst performance since 2020 against a basket of currencies, as expectations of interest rate cuts have weakened the attractiveness of the US currency, leading to its decline since the beginning of the year by about 1.9%.
The dollar index – which measures the performance of the US currency against a basket of six currencies – recorded a decrease of 0.15% at 101.55 points, after touching the lowest level since the end of July at 101.43 points on Friday.
The US currency fell against the euro by 0.15% at 1.1034 dollars, and decreased against the British pound by about 0.1% at 1.2710 dollars, while it rose against its Japanese counterpart by 0.15% at 142.51 yen.
This comes after data on Friday showed the US PCE price index fell in November on a monthly basis for the first time in more than 3 years, supporting expectations of an interest rate cut in March.
2023-12-26 17:47:45
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