Yen Rises, Dollar Falls as Federal Reserve Signals Rate Cut

The US dollar declined today after the Federal Reserve (US Central Bank) kept the door open for a rate cut in September, helping stabilize the yen near its highest level since March following the Bank of Japan's shift towards a tightening policy The yen experienced volatility in early trading, rising about 1 percent to 148.51 against the dollar, before stabilizing at 149.95. The dollar index (which measures the currency's performance against a basket of six major currencies) scored 104.03 points, after falling 0.38 percent on Wednesday. The euro settled at USD 1.082875 after rising 1 percent in July, while sterling posted USD 1.28485 ahead of the Bank of England's monetary policy decision, in which interest rates could be cut. In other currencies, the Australian dollar fell 0.11 percent to USD 0.6529. The New Zealand dollar reached USD 0.5951 in the latest trades. Source: Qatar News Agency