After plummeting to its lowest level since April 2022, the US dollar index fell to 99.84 in Asia morning trading.

The Federal Reserve is under less pressure to raise interest rates, but the markets are focused on the conclusion of the FOMC’s tightening cycle.

The euro and the pound attained their highest levels in 17 months, and the European Central Bank and the Bank of England are expected to continue raising rates.

The Japanese yen strengthened to 138.66 per dollar, and investors are closely monitoring the BOJ’s monetary policy meeting to see if the central bank will begin phasing out its ultra-dovish stance.

The Australian dollar lost some of its recent gains, whereas the New Zealand dollar increased by 0.1%.

China’s GDP figures for the second quarter revealed a decline in demand, and the Antipodean currencies fell.