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Tuesday, September 27, 2022
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Dollar trading at two-decade highest level

With investors in little mood to sell, the dollar has been posting its third consecutively weekly gain as it was being traded at the highest levels in decades against the euro and the yen.

According to media reports, a solid U.S. manufacturing survey overnight was enough to push the greenback above 140 yen for the first time since 1998 and it also hit a multi-year high against sterling.

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The dollar rose above 140 yen for the first time since 1998 due to a strong US manufacturing survey. It also achieved a multiyear high versus the pound and the New Zealand dollars.

The euro retreated below parity against the resurgent dollar, and at $0.9956, it was not far off the 20-year low of $0.99005 set last week.

Sterling was down nearly 1.5 percent after falling 0.7 percent. After touching $1.1499 overnight, it last traded at $1.1552.

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The Australian dollar last traded at $0.6789, while the New Zealand dollar was at $0.6051, at lowest values since the start of the COVID-19 pandemic in 2020.

The markets anticipate increases as central banks meet next week in Europe and Australia.

A 50 bp increase in Australia’s interest rates is around 60percent likely, while a 75 bp increase by the European Central Bank is about 80% likely, according to traders.

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