US dollar stays flat near weekly high as bitcoin nears record monthly gain

The US dollar maintained its position near a one-week high on Friday, 28 August, as major currency pairs showed limited movement during early Asian trading sessions. The dollar index, a gauge of the greenback against a basket of six rival currencies, remained steady at 99.13. In Europe, the euro and sterling traded near one-week lows against the dollar, recorded at $1.1652 and $1.3597, respectively. Despite the immediate pressure, both currencies are on track to secure a second consecutive monthly gain. The Japanese yen showed little fluctuation at 159.34 per dollar, though it is currently positioned for a 1.3 percent rise over the month of August. Commodity Currencies and Rate Hike Bets The Australian dollar rose nearly 0.1 percent to reach $0.72, marking a three-month high. This movement follows increased market expectations regarding potential interest rate hikes. Meanwhile, the New Zealand dollar climbed 0.2 percent to $0.5960, while the Canadian dollar remained flat at $1.3844, heading toward its second monthly decline. Currency markets are reacting today to a combination of shifting interest rate expectations and end-of-month portfolio rebalancing. The stability of the…