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Indonesia News Portal for Traders | Financial & Business Updates

24 October 2024 16:01  |

Dollar slips from three-month highs; euro gains after PMIs

The U.S. dollar slipped slightly lower Thursday, but remained close to three-month highs underpinned by expectations for a slower pace of interest rate cuts by the Federal Reserve ahead of the upcoming US presidential election.

At 04:05 ET (08:05 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower to 104.095, not far removed from levels last seen at the end of July.

In Europe, EUR/USD edged 0.2% higher to 1.0797, with traders digesting the latest economic activity data from the eurozone region.

GBP/USD rose 0.3% to 1.2961, bouncing after the pair dipped to a more than five-week low of in the previous session, ahead of the release of the October UK PMI data.

USD/JPY fell 0.4% to 152.19, slipping back slightly after climbing to a near three-month high in the prior session.

The yen saw some support after Japanese government officials warned against “one-sided” moves in currency markets, in light of recent weakness in the yen. Their comments spurred some fears of currency market intervention.

Source: Investing.com

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