English
The US dollar is retreating from its highest level in nearly two years, as attention turns to the European Central meeting
The dollar fell from its highest level in nearly two years on Wednesday, with the release of producer price data in the United States and in anticipation of the monetary policy meeting of the European Central.
In terms of trading, the dollar index, which measures the performance of the currency against a basket of six currencies, fell by 0.44% to 99.85 points, after recording 100.52 points earlier in trading, the highest level since May 2020, and the dollar rose 3% since the beginning of this April, while the euro rose By 0.57% to $1.0888.
All eyes are on the European Central's monetary policy meeting, tomorrow, Thursday, amid expectations that it will keep its monetary policy unchanged, and investors are also awaiting the statements of Bank President Christine Lagarde, holding the meeting to end.
Today's economic data revealed that the producer price index in the United States rose in March to an all-time high of 11.2%.
Joey Manimbo, Senior Market Analyst at Western Union Business Solutions, stated that the US dollar has been making gains for weeks, noting that the approaching ECB meeting provides an excuse to take some profits from the dollar's gains.
