Dollar hits lowest point against yen since late Aug.

Thursday, 01. December 2022 06:47

The United States dollar dropped to a three-month low against the Japanese yen on Thursday, after Federal Reserve Chair Jerome Powell signaled the US central bank may be looking to introduce interest rate hikes lower than 75 basis points.

The Fed will focus on what level interest rates will have to reach to cool inflation down, as well as on the "length of time it will be necessary to hold policy at a restrictive level," according to Powell.

The greenback lost 1.33% against the Japanese currency, changing hands for 136.246 at 6:44 am CET. The euro increased by 0.42% compared to the dollar, trading for 1.04500 at 6:45 am CET and the British pound gained 0.42% against the American currency, going for 1.21048 a minute later.

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Author:
Baha Breaking News (BBN) / MS