The US dollar drifted sideways today, giving some relief to the Japanese yen and other major currencies after a sharp rally to a seven-week high last week, as investors paused to assess the interest rate outlook for the United States. The US dollar index, which measures the greenback against a basket of currencies, was flat at 102.490, not far from Friday's seven-week high of 102.69. With the dollar settling, the euro steadied around $1.0977, while the pound was at $1.3101. Dollar/yen traded in a narrow range, last hovering around 148.28 yen. The offshore yuan stabilized around 7.0695 per dollar. The New Zealand dollar slumped to its lowest since 19 August 2024 at $0.6096, after the Reserve Bank of New Zealand cut interest rates by 50 basis points. Source: Oman News Agency
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