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Dollar rebounds on steady bonds and Asian currency stability
The article discussed the recovery of the US dollar against other currencies, with the dollar index falling to its lowest levels since late May, reaching around 98.80 points after declining 0.8% on Wednesday. This came after the US Treasury doubled its purchase of long-term bonds to $4 billion, which helped reduce yields on 30-year and 10-year US bonds. This, in turn, led to a weakening of the dollar and alleviated pressure on bond yields. Asian currencies stabilized, with the USD-JPY pair rising by 0.2%, supported by expectations that Japan will tighten its monetary policy. The USD-INR pair declined slightly despite intervention by the Reserve Bank of India, and the USD-SGD pair remained stable. Meanwhile, currencies such as the Chinese yuan and the Australian dollar weakened against the dollar. The Federal Reserve's meeting minutes indicated that officials remain concerned about inflation, as oil prices continue to rise, reaching around $92 per barrel, with hopes for a quick resolution to the US-Iran conflict diminishing.
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