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The dollar remains stable against world currencies


September, 13 2023
watermark Economic news

On Wednesday morning, the dollar index is slightly declining, but the US currency is strengthening against the yen. Investors are watching the upcoming US inflation data and continue to analyze the statement of the head of the Bank of Japan about the possible rejection of the negative key rate.


At the moment, the euro-dollar exchange rate has risen to $ 1.0753 per euro from the previous closing level of $ 1.0752. The dollar/yen exchange rate also rose to 147.39 yen from 147.08 yen. The dollar index, which measures the dollar's exchange rate against a basket of currencies of six US trading partner countries, fell by 0.08% to 104.62 points.


Data on annual inflation in the US for August is expected to be published today. Analysts predict an acceleration of inflation to 3.6% compared to the previous figure of 3.2%. This could be the second month in a row when consumer price growth accelerates.


It is important to note that the head of the Bank of Japan expressed the possibility of abandoning the negative key rate if wages and prices start to rise. This statement caused uncertainty in the market, and the yen temporarily strengthened against the dollar, although it later weakened.


Analysts also pay attention to the rise in oil prices, which may affect the decisions of the US Federal Reserve regarding the rate. Increased energy prices may provoke additional measures to curb inflation by the Federal Reserve and create a difficult balance between energy prices, inflationary pressure and the actions of the central bank in monetary policy.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.