Forex Today: US dollar longs squeezed ahead of US CPI – by fx_ross GBPUSD Currencies DollarIndex BOE Fed
It was a poor day for the greenback that fell to the worst level in more than two weeks against a basket of currencies at the start of the week. The dollar index, DXY, which measures the currency against six major counterparts, softened despite the firm anticipation that the Federal Reserve will hike interest rates by 75 basis points at its Sept. 20-21 meeting.
Meanwhile, fueling the drop in the DXY, the euro climbed to more than a three-week high against the dollar, with European Central Bank officials calling for additional aggressive monetary tightening. Also, there was some news that Ukrainian forces have made significant progress in pushing back Russian troops and that too has supported a better tone across European markets. The European common currency rose around 1.5% to 1.0198, its highest since August. 17, and well up from a 20-year lows of 0.
As for the yen, the greenback was up slightly against the Japanese currency with the pair meeting 143.50, but off its 24-year high of 144.99 hit last week. Traders are on the lookout for Japanese officials hinting at intervention to stop the currency from weakening further. On the weekend, a senior official of the government said in a local television interview that the administration must take steps as needed to counter excessive yen declines.
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