Dollar Near 6-Week Low, Yen Steadies
The US dollar held near six-week lows as currency markets awaited further developments following easing pressure on the Japanese yen. The dollar index remained little changed at 99.85, while the yen steadied at 157.60 per dollar.
Currency markets remained subdued on Wednesday as the US dollar struggled to find direction near six-week lows. The dollar index, which measures the currency against six major peers, was essentially flat at 99.85 after hitting its six-week low on Monday. The Japanese yen showed slight firmness at 157.60 per dollar, having recovered approximately 4% from Monday's high of 155.20 as pressure on the currency eased.
Other major currencies displayed stability. The euro remained steady at $1.1533, while sterling traded flat at $1.3458. The New Zealand dollar declined roughly 0.3% to $0.5878 following the release of unemployment data showing the rate climbing to a decade-high of 5.6% in the second quarter. The Australian dollar held flat at $0.7053.
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