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Dollar declines more than 0.5 percent amid interest rate cuts anticipation

[25/09/2024 01:07]

WASHINGTON-SABA
The dollar index fell more than 0.5 percent on Wednesday as a result of strong stimulus moves announced by China yesterday, and increased expectations of another major cut in interest rates in the United States in November.

Against a basket of currencies, the dollar settled at 100.26, near a more than one-year low of 100.21.

The Australian dollar rose to $0.6908 in early Asian trade, hitting its highest level since February 2023.

The New Zealand dollar climbed to a nine-month high to settle at $0.63555.

The Chinese Yuan rose to a 16-month high of 7.0012 against the dollar.