The U.S. dollar is poised for its most significant weekly decline in four months, fueled by bets on more Federal Reserve rate cuts as President Donald Trump pushes for looser policy. The Japanese yen rose 0.10% to 156.33 versus the dollar, supported by firmer rhetoric from Bank of Japan policymakers. With U.S. markets closed for Thanksgiving, low liquidity has intensified currency fluctuations, potentially setting the stage for Japanese intervention, noted ING strategist Francesco Pesole.
The dollar index edged up 0.05% to 99.58 after retreating from a six-month peak, marking a 0.60% weekly loss. UBS Global Wealth Management CIO Mark Haefele recommends reallocating from the dollar to the euro and Australian dollar amid fading greenback appeal.
Some of these presumptions are being contested in the future. The strong and resilient U.S. economy is another factor, he continued, along with the cost of the euro. After reaching a 1 1/2-week high at $1.1613 earlier in the session, the euro fell 0.05% to $1.1596. Negotiations over a potential peace agreement for Ukraine are being watched by markets, which might boost the single currency.
President Vladimir Putin stated on Thursday that future deals to put an end to the violence in Ukraine might be based on the contours of a draft peace plan agreed by the US and Ukraine, but if not, Russia will keep fighting.
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