NEW YORK, Aug. 28 (Xinhua) — The U.S. dollar declined on Monday and briefly reached a nine-month peak against the Japanese yen.
The dollar index, which measures the performance of the greenback against six major currencies, dropped by 0.02 percent to 104.0567 during late trading.
It reached 146.5060 Japanese yen on Monday, marking a nine-month high and surpassing the 146.3690 Japanese yen from the previous session.
Last Saturday, Bank of Japan Governor Kazuo Ueda stated that the bank would maintain its current monetary policy approach due to underlying inflation in Japan being slightly below the 2 percent target.
At the annual economic symposium in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell maintained a largely hawkish stance on Friday. Powell indicated the possibility of further interest rate increases due to persistently high inflation. However, he also acknowledged that price pressures have eased somewhat and mentioned the Fed’s cautious approach to future policy tightening.
According to the Texas Manufacturing Outlook Survey released on Monday, Texas factory activity contracted in August. The survey indicated that the production index, an important measure of state manufacturing conditions, dropped by six points to -11.2, reaching its lowest level since May 2020. Labor market measures suggested slower employment growth and shorter workweeks in August. However, the U.S. dollar remained relatively stable after the report.
In late New York trading, the euro rose to 1.0812 U.S. dollars compared to 1.0808 dollars in the previous session. The British pound also increased to 1.2600 U.S. dollars from 1.2596 dollars.
The U.S. dollar strengthened to 0.8840 Swiss francs from 0.8838 Swiss francs, and it climbed to 1.3604 Canadian dollars from 1.3591 Canadian dollars. On the other hand, the U.S. dollar weakened against the Swedish krona, falling to 10.9973 Swedish krona from 11.0306 Swedish krona.
Credit: The Star : News Feed
