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US Dollar Retreats as Markets Eye Key Events
Confirmed
In Short: The US Dollar has weakened against major currencies this week, with the USD Index hitting its lowest level in over two weeks.
The US Dollar (USD) has been struggling against its major rivals this week, with the USD Index dropping to its lowest point in over two weeks, below 98.70. This trend continued into Wednesday, September 9, as the USD Index saw a 0.18% increase to 99.17, according to reports from FXStreet.
Geopolitical tensions in the Middle East and rising inflation concerns have contributed to the USD's weakness. On Friday, the Pound Sterling (GBP) retreated slightly against the USD, with GBP/USD trading near the open at 1.3512, reflecting the latest US inflation report and comments from Federal Reserve officials.
Federal Reserve Chair Kevin Warsh and Cleveland Fed official Beth Hammack have emphasized the need for the Fed to control inflation, with money markets now assigning a 61% probability of a rate increase in September, up from 54% the previous day. These developments have influenced market sentiment and the performance of the US Dollar.
The USD was notably weaker against the Japanese Yen, and the US Dollar Index (DXY), which tracks the performance of the American currency against six peers, is up 0.18% at 99.17. Speculators expect the Bank of England (BoE) to hike rates twice in the next six months, according to swap markets.
What's still developing
- The table below shows the percentage change of US Dollar (USD) against listed major currencies this week.
- The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes.
- The USD managed to hold its ground on Tuesday as markets turned risk-averse with the crisis in the Middle East deepening.
- For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
- Over the past 40 years, it has organized events for clients ranging from Kering and LVMH Moët Hennessy Louis Vuitton to EssilorLuxottica and Campari Group.
- A round up of the latest Pound Dollar forecast news items from the Currency News desk.