July 1, 2022

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Forex trading stabilized against the dollar after rebounding from a one-month low

(Updates near market close)

Written by David Henry

NEW YORK (Reuters) – The dollar settled on Monday afternoon after rebounding from a one-month low as traders focused on the prospects for higher interest rates in various currencies and considered how upcoming economic data and central bank comments could affect their positions.

* The upward movement came at the expense of the euro, yen and Swiss franc.

* The dollar index, which measures the performance of the US currency against other major currencies, rose about 0.2% for the day after rising from a one-month low in early trading.

* The European Central Bank holds its monetary policy meeting on Thursday and investors are also awaiting inflation reports from the US and Europe on Friday, as well as the Bank of Canada meeting on Wednesday.

* The US Federal Reserve meets next week.

“What has clouded the dollar’s ​​recent flare-up is the notion that other central banks appear ready to raise interest rates against the Fed,” said Joseph Manimbo, chief market analyst at Western Union Business Solutions.

* At one point, the dollar index rose 0.4% as the yield on 10-year US Treasuries advanced. Then the dollar fell, as did the return of reference notes, which was about 1.63%.

* The euro lost 0.3% to $1.1613.

The dollar also gained 0.2% against the Japanese yen to 113.50 yen. The Bank of Japan will meet later in the week, but like the European Central Bank, its pessimistic stance on policy is not expected to change.

* In cryptocurrencies, Bitcoin advanced 3% to $62,997, below last week’s highs of around $67,000.

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(Edited in Spanish by Rodrigo Charme)