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The dollar stabilized near its lowest level in several months today, Tuesday, as high commodity prices supported the currencies of exporting countries, but caution about US inflation data that may lead to early interest rate hikes prevented the dollar’s decline.
The Australian dollar moved at its highest level in two months, which it hit on Monday, a little changed, to $0.7831. Likewise, the Canadian dollar, which yesterday reached its highest level in nearly four years, settled at 1.2096 against the US dollar.
The New Zealand dollar traded near its highest level since February.
The pound sterling also stabilized near its highest level against the dollar since March and the highest level against the euro since early April, as investors welcomed the easing of lockdown measures in Britain and the receding of the risks of holding a new independence referendum in Scotland.
The euro largely moved at $1.2142 after hitting a two-month high yesterday, and the Japanese currency was unchanged at 108.81 yen against the dollar.
But the South Korean won and the Taiwan dollar fell as the two countries’ stock exchanges weighed heavily in technology stocks and a wider wave of selling of growth-related stocks on Wall Street and Asia due to inflation concerns.
