On April 8, 2024, the US dollar fell slightly as investors await the publication of important economic statistics from the US and the Eurozone.
This indicator lost 0.15%, according to the data Yahoo!Finance.
The U.S. dollar index, which tracks the U.S. dollar against six major global currencies, ended April 8 at 104.14, down 0.15% for the day.
The largest fluctuations of this indicator over the past 12 months were from 99.58 to 107.35.
In the first three months of 2024, the US Dollar Index rose nearly 3%, but ended last week in the red.
At the beginning of the new week, the US dollar is lower, as investors focused on the expectation of data on US inflation, which will be released later this week.
At the same time, currency investors in the Eurozone countries are waiting for the next meeting of the European Central Bank, which is scheduled for Thursday.
On April 8, the euro rose by 0.2% against the dollar, and the British pound – by 0.2%.
Learn more about the factors affecting the US dollar exchange rate:
- Expectations of US inflation data: Investors expect that US inflation in March 2024 could again renew the maximum of the last 40 years.
- This may lead to a tightening of the US Fed’s tight monetary policy, which, in turn, may support the dollar.
- ECB meeting: Investors expect the ECB meeting on April 14 to announce the end of the economic stimulus program. This could lead to a rise in the euro and other European currencies.
- Geopolitical situation: The war in Ukraine and other geopolitical risks could increase demand for “quiet havens” such as the Swiss franc and the Japanese yen.
It is important to note that the exchange rate of the US dollar can change significantly throughout the day, so it is important to follow the latest news and forecasts.
