New York [US], February 28: The US dollar is on track to record its first monthly gain since October, buoyed by shifting global economic expectations and resilient domestic data. The US Dollar Index (DXY), which measures the greenback against a basket of major currencies, stabilised near 97.74 on Friday.
This performance was bolstered by a strong chicago pmi reading of 57.7, which provided fundamental support for the currency's strength throughout the period. Despite this upward trend, the dollar faced a key ceiling for the month as it encountered a notable resistance level at 98.00.
Within this context, the Chinese yuan fell 0.12% to 6.8581 per dollar, despite rising approximately 2% since the start of the year. The Australian dollar stabilised at 0.7121 dollars, heading toward its fourth consecutive monthly gain. In contrast, the yen dropped to 156.02 yen per dollar, and the British pound retreated to 1.3485 dollars, while the euro maintained its stability near 1.1823 dollars.
Source: Emirates News Agency
