Monday, 17 March 2025

Dollar holds near three-month high ahead of US jobs data

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The dollar hovered near a three-month high on Wednesday, in a week of macroeconomic data that could provide clues on the path of US monetary policy.

The dollar index, which measures the greenback against a basket of six major currencies, was steady at 104.28, having hit its highest since July 30 on Tuesday before ending the day almost flat.

The dollar fell 0.08% against the yen to 153.26, having retreated from a three-month peak of 153.87 on Tuesday.

The euro was steady at $1.0815 ahead of gross domestic product data from across Europe later in the day, which could shed light on whether the European Central Bank will choose to cut interest rates by 25 or 50 basis points at its next meeting in December.

The pound fell 0.12% to $1.29995 ahead of the release of the UK Labour government’s first budget on Tuesday.

The Australian dollar also fell to a three-month low after some stagnation in inflation suggested the Reserve Bank of Australia may not be in a position to cut interest rates this year.

The Aussie fell to $0.6537 for the first time since Aug. 8, before losing 0.27% to $0.6542.

Bitcoin was last trading at around $72,477, after hitting $73,609.88 in the previous session.

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