Key Facts
• June 25: Dollar fell to multi-year lows against Euro and Pound, rose against Yen.
• Euro rose 0.43% to $1.1658, highest since October 2021.
• Pound increased 0.33% to $1.3659, highest since January 2022.
• Swiss Franc traded near a 10.5-year high at $0.804 per dollar.
• Dollar/Yen rose 0.18% to 145.17 Yen; NY closing price was 145.25/145.27 Yen.
• Bitcoin climbed 1.72% to $105,589.
• Federal Reserve Chair Powell reiterated no urgency for rate cuts in Senate testimony.
• Fed funds futures market priced in a 62 basis point rate cut for 2025.
• Israel-Iran ceasefire led to a sharp dollar decline after prior gains.
• Bank of Japan maintained current policy due to high economic uncertainty.
Summary
On June 25, the dollar hit multi-year lows against the Euro and Pound, while rising against the Yen in the New York forex market. The Euro reached $1.1658, its highest since October 2021, and the Pound climbed to $1.3659, a peak since January 2022. Meanwhile, the Swiss Franc traded near a 10.5-year high at $0.804 per dollar. The dollar’s decline was driven by expectations of Federal Reserve rate cuts and a ceasefire between Israel and Iran. Federal Reserve Chair Jerome Powell emphasized no urgency for rate cuts, while futures markets priced in a 62 basis point cut for 2025. The Bank of Japan maintained its current policy due to economic uncertainties. Bitcoin also rose 1.72% to $105,589. The dollar closed at 145.25/145.27 Yen in New York trading.
