Dollar Falls to Lowest in More Than A Year on Expectations of Imminent Rate Cut

The dollar traded near the lowest in more than a year on Thursday as a dovish Federal Reserve and fresh signs of weakness in the US job market backed the case for interest rate cuts. The dollar fell below 145 yen mark. The dollar index, which measures the greenback against a basket of six major currencies, was little changed at 101.19. It fell to 100.92 on Wednesday for the first time this year. The euro was down slightly at $1.1143 after rising to $1.11735 Wednesday for the first time since July 2023. Sterling eased to $1.3084 after climbing to $1.31195 in the previous session, also a level last seen in July 2023. The dollar slipped 0.11 percent to 145.095 yen after earlier falling to 144.86 yen. The Australian dollar lost 0.19 percent to $0.67315, retreating from yesterday's five-week high of $0.6761, amid a mixed performance for Asia-Pacific stocks on Thursday. The Chinese yuan was slightly higher at 7.1292 per dollar in offshore markets, but was down from yesterday's high of 7.1135. Source: Qatar News Agency