Wednesday, June 24, 2026

Business News

Dollar hits 13-month high as investors brace for Fed rate hike

The US dollar extended gains on Wednesday, hitting a 13-month high against major currencies as investors sought safety amid tech stock concerns and expectations of further Fed rate hikes.

Oman News Agency

info@thearabianstories.com

Wednesday, June 24, 2026

SINGAPORE – The dollar index, which measures the performance of the US currency against a basket including the euro and yen, climbed to 101.44, its strongest level since May 13, 2025.

The euro traded at $1.1375, hovering near its lowest level in a year, while the British pound slipped to $1.3199.

The Australian dollar, considered sensitive to market risk, remained steady at $0.6918 ahead of the release of the latest Consumer Price Index data, while the New Zealand dollar declined 0.05 percent to $0.5665, reaching a new seven-month low.

the Japanese yen weakened to 161.57 against the dollar after briefly falling to a two-year low of 161.93 late Monday, as the US currency continued its upward momentum.

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