Wednesday, September 28, 2022

US dollar declines after ECB raises interest rates

New York: The US dollar (USD) weakened at the end of trading Thursday local time (Friday morning WIB) amid the strengthening of the euro. The euro strengthened after the European Central Bank or European Central Bank (ECB) raised the main interest rate by 75 basis points.

gather Xinhua hasFriday, September 9, 2022, Dollar Index, which measures Note Against a basket of six major currencies, it fell 0.12 per cent to 109.7090. In late New York trade, the euro was up to USD0.9994, compared to USD0.9985 in the previous session, and the British pound was down USD1.1502 to USD1.1500 in the previous session.

The Australian dollar fell from USD0.6753 to USD0.6748. The US dollar bought 144.01 JPY, lower than the 144.13 JPY in the previous session. The US dollar fell from 0.9782 Swiss francs to 0.9716 Swiss francs, and fell to 1.3095 Canadian dollars against 1.3140 Canadian dollars.

Federal Reserve Chairman Jerome Powell reaffirmed his commitment to the policy stance. flamboyant, During a discussion hosted by the Cato Institute, Powell said, the Fed remains firmly committed to reducing inflation.

On the other hand, the US stock market closed with gains at the end of trading on Thursday local time (WIB on Friday morning). The gains came after Federal Reserve Chairman Jerome Powell vowed to continue the fight against rising inflation that has been straining the economy.

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The Dow Jones Industrial Average rose 193.24 points, or 0.61 per cent, to 31,774.52. The S&P 500 index rose 26.31 points, or 0.66 percent, to 4,006.18. The Nasdaq Composite Index rose 70.23 points, or 0.60 per cent, to 11,862.13.

Eight of the 11 major S&P 500 sectors ended in the green, with health and finance trailing 1.77 percent and 1.74 percent, respectively, the rest. While the communication services sector declined by 0.44 per cent, the group performed the worst.


Nation World News Desk
Nation World News Desk
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