The Dollar is Dropping as Fed Officials Calm Inflation Concerns And the Turkish President Removes The Central Bank Governor From His Post

The dollar floated to the bottom of its range recently today, Tuesday, following weaker than expected US data and the Fed officials’ insistence again that policy will not change to subside investor fears that inflation will lead the central bank to raise interest rates.

The sterling rose to return to its highest level in three months, which it reached at the end of last week, and the Turkish lira fell slightly and was not affected much after the dismissal of one of the four deputy governor of the central bank.

The dollar index fell 0.1% to 89.747 in Asia, as well as losing 0.2% last night, approaching its lowest level in four months. The euro held a 0.3 percent gain overnight and is close at $ 1.2228 to test a four-month high of $ 1.2245.

In the latest trading, the Japanese yen recorded 108.735 against the dollar, while the Australian and New Zealand dollars moved towards the middle of the range they had maintained since mid-April. The Australian dollar recorded 0.7750 US dollars, and its New Zealand counterpart 0.7211 US dollars.

The sterling rose 0.2% to $ 1.41797 and had risen about 1.2% in the past three weeks, while other major currencies had stabilized or declined.

The lira fell 0.1% to 8.3805 against the dollar after Ogochan Ozbas was removed from his post as deputy governor of the central bank and replaced by Sameh Toman, an adviser to President Recep Tayyip Erdogan.

In March, Erdogan fired Central Bank Governor Naji Iqbal, after two days of a big interest rate increase, and another deputy governor was fired later in the same month.