Rising interest rates slow surge, US dollar corrected

New York: The US dollar has weakened against a basket of other major currencies late Thursday (Friday morning WIB). This comes after minutes from the Federal Reserve’s latest meeting boosted risk sentiment and limited the greenback’s appeal amid sluggish trading due to the Thanksgiving holiday in the United States.

City of BetweenFriday, November 25, 2022, dollar index, which measures the greenback against six other major currencies, was down 0.24% at 105.8180. At the close of trading in New York, the euro rose to US$1.0417 from US$1.0403 the previous session, and the pound rose to US$1.2118 from US$1.2065 at the previous session.

The US dollar bought 138.46 Japanese yen, lower than 139.45 Japanese yen in the previous session. The US dollar rose from 0.9419 Swiss francs to 0.9427 Swiss francs and fell to 1.3335 Canadian dollars from 1.3360 Canadian dollars. The US dollar fell to 10.3956 Swedish kronor from 10.4586 Swedish kroner.

Minutes from the Fed’s November meeting released on Wednesday, November 23, 2022 show that most policymakers favor a slower pace of tightening.

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While noting that inflation has yet to show significant signs of slowing down, the minutes indicate that most participants felt that a slowdown in the rate of increase would likely occur soon.

The remarks reinforced expectations that the central bank will raise interest rates by 50 basis points at its next meeting in mid-December instead of the 75 basis point hikes announced at each of its last four meetings. .

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Robert Butler

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