The dollar maintained its gains against competing currencies on Thursday, October 19, ahead of statements by US Federal Reserve Chairman Jerome Powell, with growing expectations that the bank will keep interest rates high for a longer period.

The US currency pushed the yen to hover around its lowest levels in two weeks, which it recorded yesterday, Wednesday.

The Australian dollar fell after the release of local jobs data, which suddenly declined, and the New Zealand dollar recorded its lowest level in almost a year.

There was little change in the dollar index, which measures the performance of the US currency against a basket of currencies, for the most part during Asian trading hours, hovering around the level it reached a day ago at 106.63 points.

The euro stabilized at $1.0534 after coming under pressure from the US currency overnight, while the British pound approached its lowest level in two weeks at $1.21235.

The dollar received support from the rise in US Treasury bond yields, which continued to rise in the morning hours in Asia, as markets bet that the US Federal Reserve Chairman will adopt a tough tone during his speech later on Thursday.

However, Tony Sycamore, a market analyst at IG, said that recent statements by the US Federal Reserve indicate that policymakers are cautious about any major tightening in monetary policies, as well as increasing uncertainty in light of the current geopolitical events in the Middle East.

Policymakers at the US Central Bank hinted at a temporary pause in raising interest rates for another two months in light of mixed indicators, including strong economic data and signs of progress in combating inflation, which is still very high.

The next monetary policy meeting is scheduled to be held on October 31 and November 1.

The Japanese yen rose slightly to 149.8 against the dollar after falling to its lowest level in two weeks yesterday, Wednesday, at 149.94 per dollar.

The Australian dollar received a strong blow after the release of local jobs data, as it fell to 0.6296 against the US currency. In the latest transactions, it recorded 0.63015 against the dollar.

The New Zealand dollar also fell 0.5% to 0.5825 per dollar, recording the lowest level in 11 months.