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bankingJanuary 25, 2023

Dollar falls, euro close to highest level in 9 months


The dollar hovered near a nine-month low to the euro and lost recent gains against the yen on Tuesday, as traders weighed the risks of a US recession and the path for Federal Reserve policy.

The US dollar index - which measures the greenback against a basket of six peers, including the euro and yen - slipped 0.12 percent to 101.89 points, heading back towards the 7-1/2-month low of 101.51 points reached last week.

The euro added 0.08 percent to $1.0880, taking it closer to Monday’s peak of $1.0927, the strongest since April.

Europe’s single currency has been buoyed by comments from European Central Bank officials pointing to further aggressive policy tightening.

The dollar sank 0.41 percent to 130.11 yen , retreating after two sessions of strong gains. Meanwhile, sterling was last trading at $1.2391, up 0.12 percent on the day.

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