The dollar is near its lowest level in 7 months and the yen is in decline

The US dollar approached a seven-month low on Friday as fears of an economic slowdown dampened risk appetite, while the yen weakened even as speculation rose that the Bank of Japan would eventually abandon its ultra-expansionary monetary policy.

The dollar index, which measures the performance of the US currency against the six major currencies, rose 0.098% to 102.12, not far from a seven-month low of 101.51, reached on Wednesday.

The index fell by 1.3% quest2022 year after falling 7.7% in the final three months of 2022 as investors bet the Federal Reserve (the central bank of the United States) will slow the pace of interest rate hikes.

The Japanese yen fell 0.64% against the dollar to 129.26.

Expectations that the Bank of Japan will soon end its bond yield control policy has led the yen to rise 14% in the past three months.

The euro stabilized, while the British pound registered at $1.2372 in recent trade, in decline of 0.14% during the day.

The Australian dollar was up 0.17% against the US currency, to $0.692, while the New Zealand dollar was up 0.25%, to $0.641.

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