Dollar near 13 month high as investors await Federal Reserve decision

The U.S. dollar is currently close to its highest level in 13 months, as investors assess the Federal Reserve's plans for interest rates in light of uncertainty in Europe.

This uncertainty has put pressure on the euro. The dollar index has slightly decreased by 0.05% to 107.01, just below its peak of 107.15 on Thursday, which was the highest level since October 4, 2023.

Recent data shows that U.S. weekly initial jobless claims unexpectedly dropped to a seven-month low. However, the data also suggests that it is taking longer for unemployed individuals to find new jobs. This could give the Federal Reserve the flexibility to consider rate cuts in December.

On the other hand, the Japanese yen has remained strong against the dollar due to domestic core inflation rates that continue to exceed the Bank of Japan's 2% target. This indicates the potential for future interest rate hikes.

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