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Dollar Declines Amid Expectations of Interest Rate Cut
The U.S. dollar began trading on Thursday with a downturn, as market expectations grow for the Federal Reserve to reduce interest rates in their upcoming December meeting.
Consequently, the dollar index, which measures the performance of the American currency against six major currencies, stabilized at 98.135 after two consecutive days of decline.
Meanwhile, the euro rose by 0.07 percent to reach 1.1646 dollars, while the British pound increased by 0.03 percent to 1.3504 dollars.
The dollar fell against the Swiss franc by 0.11 percent to 0.8017 francs, while it experienced a slight rise against the Japanese yen by 0.05 percent to 147.47 yen.
Additionally, the dollar weakened in the offshore market against the Chinese yuan by 0.04 percent to 7.1491 yuan, while the Australian dollar gained 0.09 percent to reach 0.6512 U.S. dollars.
