Dollar dips to 10-day low despite rate hikes
The dollar remained near its ten-day low, supported by a preliminary agreement between the United States and Iran to end the war in the Middle East, which contributed to a decline in oil prices and increased risk appetite. At the same time, the Bank of Japan raised interest rates to their highest level in 31 years, but market hesitation regarding the timing of upcoming hikes led to the yen stabilizing around 160 per dollar, amid concerns about possible government interventions. The currency market remains uncertain and in wait-and-see mode, as geopolitical tensions and shifts in monetary policies continue.
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