Dollar Steady Despite Higher U.S. Inflation, Rate Cut Expectations

Shafaq News/ On Friday, the dollar remained stable against other currencies as investors evaluated higher-than-anticipated U.S. consumer price inflation data against market expectations of a potential interest rate cut by the Federal Reserve in March.

The dollar index hovered around 102.26, slightly down from Thursday's peak of 102.76 but significantly higher than the five-month low of 100.61 recorded in December when traders began factoring in multiple federal rate cuts for the year.

The euro remained relatively stable around $1.0977 after slightly increasing against the dollar in the previous session. Sterling was trading at $1.277, showing a 0.07% increase on the day.

The Japanese yen experienced minimal change at 145.27 yen to the dollar, remaining distant from Thursday's low at 146.41, the lowest level since December.

In the cryptocurrency market, Bitcoin rose by 0.25% to $46,270.00 in recent trading, reaching its highest level in two years overnight following a 0.25% increase in U.S. trading.

Ethereum slightly declined to $2,607.40 after touching its highest levels since May 2022 at $2,690.70 on Thursday.