Tuesday, 16 July 2024

Dollar dips with market recovery, Yen soars


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The US dollar fell on Monday as rebounding market sentiment lifted stocks and riskier currencies, while the yen rose on reports that Japan will consider revising a decade-old program to combat deflation.

According to “Reuters”, the dollar index, which measures the performance of the US currency against a basket of six major currencies, fell 0.4 percent to 104.410, erasing some of its gains in the previous week after the Federal Reserve and the European Central Bank raised interest rates.

A rebound in risk appetite pushed European stocks higher after last week’s heavy sell-off, while currencies including the euro and the pound sterling recouped some of their losses from the previous two sessions.

The euro rose 0.4 percent to $1.06260, while the pound sterling rose 0.7 percent to $1.22195. However, both remained below their levels before the central bank’s actions last week.

The Japanese yen rose 0.4 percent to 136.155 per dollar, on the back of reports that Japan is considering reviewing key monetary policy after appointing a new governor for the Bank of Japan in April.