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The dollar was confined to a tight trading range near a multi-week low against the major counterpart currencies Friday, April 23rd, as traders contemplate the next steps of major central banks ahead of a meeting of the US Federal Reserve next week.
And the euro incurred losses after Christine Lagarde, President of the European Central Bank, refuted expectations that policymakers would begin to consider reducing bond purchases due to improved economic outlook.
Fed Chairman Jerome Powell is expected to repeat Lagarde’s message that talk of reducing is premature, which will put downward pressure on Treasury yields and dampen dollar gains against most currencies.
The dollar fell to 107.80 yen today, its lowest level since the fourth of March.
The euro settled at $1.2027, after falling 0.2% on Thursday. The single European currency is still near its highest level in seven weeks at $1.2080, which it recorded earlier this week.
The Australian and New Zealand dollars rose today, but traders say risks are pointing to a downside due to weak commodity prices in the past few days. And the pound sterling recorded $ 1.38535 after suffering a loss of 0.6% in the last session.
In cryptocurrencies, Ethereum fell about 7% to about $ 2,234 and was earlier down to $2,166, down from a record high of $2,645.97 recorded on Thursday after President Biden unveiled a plan to nearly double taxes on capital gains for those who win more than About a million dollars.
Bitcoin fell 4.2% to less than $50 thousand, and briefly touched the level of $48,338. Bitcoin has fallen every day except for two days since it hit a record high of $64,895.22 on April 14.
