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The greenback dipped before the release of major economic figures

27 Feb,2024
The greenback dipped before the release of major economic figures

The greenback is under pressure Tuesday, financial markets experienced uncertainty as they awaited crucial data that could offer additional insights into the policy trajectory of the U.S. Federal Reserve. While, the yen strengthened following reports confirming that inflation surpassed the Bank of Japan's (BOJ) target.

The dollar index that gauges the greenback versus its major pairs dipped 0.1% at 103.67.

Surpassing predictions, Japan's core consumer inflation has raised hopes that the Bank of Japan (BOJ) could potentially discontinue negative interest rates by April.

Predictions regarding the timing and magnitude of Federal Reserve rate cuts for the year have recently diminished in the markets, given the ongoing strength of the U.S. economy and the insufficient reduction in inflationary pressures.

It has steadily risen since mid-February when it hit 1.0695, its lowest since Nov. 14.

EUR/USD advanced 0.1% versus the greenback at 1.0859, Since mid-February, it has experienced a gradual upward trend after hitting 1.0695, which was its lowest level since November 14.

The yen edged up 0.25% to 150.28, In mid-February, it reached 150.88, marking its highest level since November 16.

 

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