Dollar Hits New Highs Against Some Currencies Following Federal Reserve's Stance

Published September 21st, 2023 - 09:45 GMT
Dollar Hits New Highs Against Some Currencies Following Federal Reserve's Stance
The dollar index rose to 105.68, its highest level since early March

ALBAWABA - The dollar has recorded new high levels against some currencies as it remained near its highest point against the yen since early November, following the Federal Reserve's inclination towards tightening after keeping interest rates unchanged.

The dollar index, which measures the currency's performance against a basket of currencies, rose to 105.68, its highest level since early March, before slightly dropping to 105.55.

The Japanese yen was affected by a sense of tension after the Federal Reserve meeting, hovering around 148.39 against the dollar after touching its lowest point in ten months at 148.47 earlier in the day.

There is a slim possibility that the Bank of Japan will tighten its policy in a meeting on Friday.

The British pound was trading at 1.2319 dollars in the latest session, slightly higher than its four-month low against the dollar, ahead of the Bank of England's interest rate decision later in the day.

The euro recorded 1.0635 dollars after falling to its lowest level in six months at 1.0617 dollars.

Both the Australian dollar and the New Zealand dollar took a hit after the Federal Reserve meeting, with the Australian dollar down 0.6% and the New Zealand dollar down 0.3%.

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