The dollar index reached its highest level in the past 6 months
The dollar index reached its highest level in six months, influenced by concerns over the continued slowdown in economic growth in China and the European Union.
The dollar index, which is calculated against the weighted average exchange rates of six major currencies – the Euro, Japanese Yen, Canadian Dollar, British Pound, Swedish Krona, and Swiss Franc – reached 104.87 on Wednesday for the first time since March 10.
Economic data from the Eurozone and the UK released on Tuesday indicated a decline in business activity last month. Meanwhile, a survey conducted among private sector participants showed that China’s services sector faced the slowest growth in eight months during August.
On the other hand, financial market participants believe that the base interest rates in the United States will remain high for an extended period. Nevertheless, the country’s economy continues to experience an upward trend in job creation.
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