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The dollar continues to depreciate against world currencies


August, 02 2022
watermark Economic news

On Tuesday morning, the US dollar is declining in pairs with major world currencies. Investors continue to assess the prospects for a slowdown in the rate hike by the US Federal Reserve.


In particular, the EUR/USD currency pair rose to 1.0269 from the previous closing level of 1.0261. The USD/JPY exchange rate decreased to 130.75 yen from 131.61 yen. And the dollar index (the exchange rate of the US currency against a basket of currencies of six countries – US trading partners) fell to 105.23 points. A day earlier, the index also fell by 0.6%.


It is worth noting that the yen received additional support as a more reliable asset amid escalating tensions in Asia. As you know, the speaker of the US House of Representatives Nancy Pelosi intends to visit Taiwan, despite Beijing's protest and the threat to destroy the plane with the American official. If the visit to the Chinese island does take place, it will be the first visit by the Speaker of the US House of Representatives since 1997.


Market participants also continue to analyze comments by the head of the US Federal Reserve Jerome Powell that the regulator intends to slow down the pace of interest rate increases after four consecutive increases (including by 75 basis points twice over the summer).


According to surveys, 82% of analysts predict a rate increase in September by 50 basis points – up to 2.75-3%, and only 18% expect an increase again by 75 basis points – up to 3-3.5%.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.