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Dollar declines from 18-month peak
The US dollar declined to its lowest level in 18 months, registering at 102.27 points, amid expectations awaiting US inflation data that could determine the next interest rate hike trajectory. This decline comes alongside falling oil prices and political complacency in the Middle East, as well as the announcement of a ceasefire between Russia and Ukraine. Meanwhile, the euro rose to 1.1189 dollars, and the Japanese yen increased to 158.38, with expectations of an interest rate hike from the Bank of Japan. Market forecasts indicate an 80% probability of keeping the Federal Reserve's interest rates unchanged at its upcoming meeting, with a possibility of rate cuts or a gradual approach to increases by 2027.
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