Dollar eases as investors move towards higher-yielding assets
The dollar lowered on Wednesday as investors moved from the greenback to higher-yielding assets after analysts predict that the global economy is improving. The US dollar also lost ground over speculation that the Federal Reserve will increase interest rates by the end of the year.
The dollar index, which calculates the dollar’s performance against six major currencies, fell by 0.4% to 79.457, as the euro racked up a 0.5% increase to $1.4141 and sterling surged 0.7% against the dollar to $1.6431.
The Australian dollar also saw a rise of 1.3% against the greenback after new Australian consumer confidence data showed a surge, reducing the likelihood of further interest rate cuts.