The dollar fell to its lowest level since November

The dollar index, which measures the performance of the US currency against 6 major currencies, fell to 95,563, its lowest level since the end of last November.

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The dollar fell to its lowest level since last November against the major currencies in early trading today, Wednesday. And it is now trading at around $1.135, after the testimony of Federal Reserve Chairman (US Central Bank) Jerome Powell before the Senate Banking Committee.

In his testimony – during a session to consider his nomination for a new term – Powell said that the US economy is ready to raise interest rates and quantitative tightening, in order to combat inflation.

But he said policy makers are still discussing ways to shrink the central bank’s balance sheet, and he said that it may sometimes take two, three or four meetings before they make such decisions, and Powell’s comments were less hawkish than some of his colleagues, alleviating market concerns. From a sudden withdrawal of cash support.

The dollar index, which measures the performance of the US currency against 6 major currencies, fell to 95,563, its lowest level since the end of last November.

The British pound rose to $1.3641 for the first time since the fourth of last November.

The Australian dollar touched its highest level in nearly a week at 0.7216 dollars, but the Japanese yen was outside the group of gainers against the US currency, falling to the level of 115,310 per dollar.



Reference-www.aljazeera.net

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