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Dollar rises as Fed scales back bets

2024-04-02T04:54:18+00:00

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/ The US dollar hovered near the highest level in four and a half months against its major counterparts, on Tuesday, as traders rushed to back off their bets on the first interest rate cut by the Federal Reserve (US central bank) this year.

The dollar index, which measures the currency against the yen, euro, pound and three other peers, rose 0.02% to 105.02, after rising 0.51% to 105.07 on Monday.

The euro fell 0.08 percent to $1.0733, remaining close to its lowest levels overnight at 1.0731. The British pound fell 0.04 percent to $1.25455, after falling to $1.2540 in the previous session.

The price of the Japanese yen rose slightly on Tuesday to 151.565 yen to the dollar after falling to 151.77 the previous day.

Elsewhere, the Australian dollar settled at US$0.6489, after falling to an almost one-month low of US$0.64815 on Monday.

The New Zealand dollar fell 0.07 percent to 0.5949 US dollars, approaching the lowest level in four and a half months at 0.59395 US dollars, which it recorded overnight.

The spot price of gold rose 0.11 percent to $2,253.09, after falling from a record high of $2,265.49 recorded in the previous session.

Leading cryptocurrency Bitcoin fell 0.87% to $69,158, but was within its relatively narrow trading range last week.

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