Browsing: Dollar

The dollar comes under pressure on Wednesday amid a surge in U.S. inflation, buoyed by a global energy crisis. The US dollar index, which tracks the Greenback’s value against six major currencies, is down 0.1% to 99.8 on Wednesday as US inflation data surged to a three-year high.

The dollar index (DXY) hovered near 99.2 as investors assessed the latest developments in the Middle East and mixed signals over a possible US-Iran agreement that could end the war and reopen the Strait of Hormuz.

The US dollar climbed to its highest level in about a month on surging demand for safe havens as concerns over war-driven inflation intensified.

The Kenyan shilling (KES) gained strength against major crosses in the foreign exchange market last week, reflecting the absence of significant pressure on the local currency amidst growing diaspora remittances.

Dollar Strength Could Unwind if Oil Prices Fall Back – Fitch The strengthening of the dollar in the early weeks…

The dollar index slipped below 98.5 on Monday after briefly rising to 99.3 earlier in the session as demand slowed sharply. The markets reacted to reports that Iran had submitted a new proposal to the US aimed at reopening the Strait of Hormuz and easing tensions.

Boosted by rising demand, the US dollar rallied against its trading pairs to its highest positions in about a year, supported by geopolitical tensions and shifting rate expectations.

The flight-to-safety drive from Middle East tensions strengthened the US dollar against trading peers on Monday, forex traders said in a separate note.

The U.S. dollar weakened against other major currencies amid geopolitical concerns and trade uncertainties, fuelling negative sentiment.

The U.S. dollar fell against its major counterparts in the global forex market on Friday’s close, while Washington remains unfazed over the weak dollar index.