Weekly decline in the dollar as bets on interest rate hikes decrease
The dollar index declined by 0.24% over the week, reaching 100.72 points, despite its temporary stability due to risks of conflicts in the Middle East, which have supported the US currency as a safe haven. Meanwhile, the euro rose to 1.1445 dollars, with a weekly increase of 0.29%. The British pound continued its upward trend for the third consecutive week, gaining 0.56% to reach 1.3476 dollars. The Japanese yen remained steady at 162.39 against the dollar amid expectations of Japanese authorities stepping in to support it. Data indicates that the US economy shows strength, with retail sales increasing in June and expectations of a rate hike, even as markets await the Federal Reserve’s stance amid rising inflation risks.
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