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Dollar drops on lower yields and oil
The US dollar remained under pressure today, Wednesday, after dropping to its lowest level in three weeks due to declining Treasury bond yields and falling oil prices. Meanwhile, the Australian dollar rose slightly by 0.1% to reach 0.7013 USD, following comments from the Deputy Governor of the Reserve Bank of Australia indicating a worsening outlook for inflation, which raises doubts about the need to raise interest rates again next month. The dollar index steady at 101.78 points, as investors continue to view the US dollar as a safe haven amid global market volatility caused by the Middle East war and tensions in the Gulf region. Oil prices fell slightly after reaching their highest level in five months, due to assessments of the impact of Iranian attacks on Saudi infrastructure and reports of attacks on ships in the Gulf. Meanwhile, Wall Street experienced strong performance amid the start of the technology earnings season.
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