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EU session: Dollar continues to slide

24 Jan,2023
EU session: Dollar continues to slide
  • On Tuesday, the US dollar was weaker, close to its nine-month low against the euro and losing some of its recent gains against the yen. This is as traders continued to assess the risks of a recession in the US and the path of Federal Reserve policy.
  • The US dollar index, which measures the dollar against a basket of six other currencies including the euro and yen, dropped by 0.09% to 101.92, moving closer to the 7-1/2-month low of 101.51 reached on Wednesday.
  • As the dollar weakened, gold prices increased to $1935.69 per ounce on Tuesday, as investors waited for US economic data, and hoped for slower interest rate hikes by the Federal Reserve. If there are signs of a weaker US economy, it would be taken as a reason for the Fed to raise rates less aggressively, which would support gold, which is also considered as a safe haven asset.
  • Today, Microsoft will report its earnings after market close, with a focus on the performance of its cloud and enterprise units. Other companies reporting include Johnson & Johnson, Verizon, and Texas Instruments.

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