Muscat: The US dollar today extended its recovery following last week’s Federal Reserve interest rate cut, with the dollar index edging slightly higher against a basket of major currencies as investors awaited a series of speeches by Fed officials later this week. The Japanese yen eased 0.16% to 148.22 per dollar, paring some of Friday’s gains. The British pound slipped to a two-week low of $1.3458, pressured by concerns over rising government borrowing in the UK and the Bank of England’s recent policy decision, which underscored the difficulty of balancing growth with inflation control.
According to Oman News Agency, the euro fell 0.07% to $1.1738, while the Australian dollar dipped 0.02% to $0.6589. By contrast, the Chinese yuan inched up 0.06% to 7.1151 per dollar. The movements in these currencies highlight the shifting dynamics in the global foreign exchange markets as central banks worldwide navigate complex economic challenges. The anticipation of upcoming speeches by Federal Reserve officials has added a layer of uncertainty and focus on the US dollar as investors seek clues on future monetary policy directions.