New York: The dollar fell Thursday amid growing expectations that the Federal Reserve (US central bank) will cut interest rates. Against a basket of currencies, the dollar fell to its weakest since April 22 at 98.284.
According to Qatar News Agency, the dollar's sharp decline pushed the euro to a seven-week high early in the session, before the single European currency pared some gains, last trading at USD 1.1515. Sterling rose 0.34 percent to USD 1.3583, while the yen climbed 0.4 percent to 143.95 per dollar. The dollar also fell 0.44 percent against the Swiss franc to 0.8169, the New Zealand dollar rose 0.1 percent to USD 0.6033, the Chinese yuan rose 0.2 percent in onshore trading to USD 7.1810, and the Australian dollar fell 0.12 percent to USD 0.6496.
The euro maintained strong gains today after surging against most other currencies in the previous session. The single European currency stabilized against the Japanese yen, last trading at 165.77 yen, after reaching its highest level since October 2024 at 166.42 yen earlier in the session. The euro rose 0.33 percent against the Australian dollar, extending its 0.9 percent gain in the previous session. The euro has risen by 11 percent this year, supported in part by the decline of the dollar and by investors pouring money into European markets.