Dollar Rises as Traders Seek Clues on US Rate Cuts

The dollar held near its lowest in more than a year against a basket of peers today, with sterling trading just off multi-year highs, as markets focused on clues to the size of a widely expected US interest rate cut in September. The Australian dollar rose to an eight-month high and last traded at $.06793. Elsewhere, overall moves in the foreign exchange market were muted as traders awaited fresh hints on the state of the world's largest economy. The dollar index, which measures the greenback against a basket of currencies, was last 0.2% higher at 100.78, hovering above a 13-month low of 100.51 hit in the previous session. For the month, the dollar has fallen 3.4%, putting it on track for its biggest monthly decline since November 2022. Sterling ticked down 0.14% to $1.3243 after hitting its highest since March 2022 against the greenback at $1.3269 on Tuesday. The euro slid 0.24% to $1.1156, but was sitting not far from a 13-month peak touched at the top of the week. The yen edged further off Monday's three-week high of 143.45 against the greenback, and was last 0.23% lower at 144.33 per dollar. The New Zealand dollar dipped 0.1% to $0.6246. Source: Oman News Agency