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US dollar index rose yesterday

10 Feb 2023 , 09:16 AM

The US dollar began to climb before Wall Street opened, speeding up its ascent at the day’s finish as US equity indices fell before the close.

The EUR/USD pair was close to reaching 1.0800 when it faltered and is currently trading at 1.0740. In January, the German Harmonized Index of Consumer Prices (HICP), which was predicted to increase by 10% YoY, surprisingly increased by 9.2% instead, slowing from the previous 9.6%.

The US Dollar benefited from higher government bond yields as well as remarks made by Thomas Barkin, president of the Richmond Federal Reserve, who stated that the Fed’s tightening of policy has had significant effects while also stating that macroeconomic data has reduced the likelihood of a recession.

The yield on the 10-year Treasury note is currently 3.67%, up 4 basis points, while the yield on the 2-year note is 4.50%, up 5 basis points.

The Monetary Policy Report Hearings held by the Bank of England (BoE) supported the Pound. Before the UK Treasury Select Committee, Governor Andrew Bailey, Chief Economist Huw Pill, and policymaker Jonathan Haskel all gave testimony.

Next week, BOJ Governor Kuroda’s replacement is scheduled to be announced by Japanese Prime Minister Kishida. Whether Kishida will appoint a more assertive governor of the central bank to put an end to the ultra-loose monetary policy is the subject of much speculation.

After hitting an intraday low of 130.33 at the start of the day, the Japanese Yen dipped somewhat in American trading, with the USD/JPY pair trading at about 131.50.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • BoE
  • FED
  • FOREX
  • Japan
  • USD
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