NEW YORK, Aug. 28 (Xinhua) — The U.S. dollar edged down on Monday and briefly hit a nine-month excessive in opposition to the Japanese yen.
The dollar index, which measures the buck in opposition to six main friends, fell 0.02 p.c to 104.0567 in late buying and selling.
It purchased 146.5060 Japanese yen, hitting a nine-month excessive on Monday, increased than 146.3690 Japanese yen of the earlier session.
Bank of Japan Governor Kazuo Ueda stated on Saturday that the financial institution will preserve the present strategy to financial coverage, as underlying inflation in Japan stays “a bit below” its 2 p.c goal.
At the annual financial symposium in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell maintained a usually barely hawkish tone final Friday, indicating the opportunity of additional rate of interest hikes on account of persistently excessive inflation.
However, he additionally acknowledged that value pressures have eased considerably and talked about that the Fed will undertake a cautious strategy relating to whether or not to tighten coverage additional.
Texas manufacturing facility exercise contracted in August, in keeping with the Texas Manufacturing Outlook Survey on Monday.
The manufacturing index, a key measure of state manufacturing circumstances, fell six factors to -11.2, its lowest stage since May 2020, the survey confirmed. Labor market measures urged slower development in employment and shorter workweeks in August. However, the U.S. dollar didn’t expertise many fluctuations after the report.
In late New York buying and selling, the euro elevated to 1.0812 U.S. {dollars} from 1.0808 {dollars} within the earlier session, and the British pound elevated to 1.2600 U.S. {dollars} from 1.2596 {dollars}.
The U.S. dollar elevated to 0.8840 Swiss francs from 0.8838 Swiss francs, and it was as much as 1.3604 Canadian {dollars} from 1.3591 Canadian {dollars}. The U.S. dollar fell to 10.9973 Swedish krona from 11.0306 Swedish krona.