On Thursday, the trading price of the USD recorded a significant push. As a result, the value of the dollar has managed to hit its three-week high.

The Feds’ Meeting Points Pushed USD’s Price

The value of the dollar has reportedly climbed significantly and it happened after input from the Feds.

On Thursday, the Federal Reserves of the United States shared their meeting points for the month of July. The minutes revealed that the Feds had agreed to keep the interest rates high in order to bring inflation under control.

The Feds have agreed that they will keep the interest rates high and will not touch them for a while. This way, they will measure the impact of the interest rates in bringing down the inflation rates.

According to the Feds, keeping the interest rates at a higher level would help bring the inflation rates down much sooner than expected.

Sterling’s Performance versus the Greenback

The performance of the sterling has not been well against the USD. The data shows that the price of the sterling has continued dropping versus the USD.

According to the price analysis, the value of the sterling has hit a three-week low versus the USD. It has hit a low price of $1.2 versus the USD.

It is to be noted that the value of the sterling has suffered not only because of its own factors but due to the growing price of the USD.

In recent days, the greenback has gained momentum and its strength has grown significantly. Therefore, the value of the USD has grown versus the value of the sterling.

The situation of the United Kingdom Economy

The United Kingdom has recently suffered a double-digit inflation rise in the month of July, which is very alarming for the country.

The data shared by the government of the United Kingdom has given rise to fears among investors. The investors now fear that the growth of the United Kingdom’s economy will be hindered tremendously by the inflation rates being in the red.

In the latest trading session, the value of the pound has dropped by 0.3% and at the time of writing, it is t $1.2015. Then comes the euro whose value has also dipped 0.2%, coming down to $1.0157.

Compared to the Japanese yen, the value of the greenback has increased significantly. After the increase, the value of the greenback increased to 135.25.

Despite the recent dip recorded by the yen, it is only the highest value it had hit against the greenback since late July.

As the recent events have gone in favor of the greenback, the dollar index has grown 0.22% on the latest trading day.

 

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