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Monday, March 27, 2023

The super dollar soared and reached a seven-week high

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Consumer spending, which accounts for more than two-thirds of US economic activity, rose 1.8% last month., according to the Department of Commerce. December data was revised up to show a decline of 0.1%, instead of the previously announced 0.2%.

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“The data was pretty strong overall and surprisingly there were positive reviews as well. That’s saying a lot. The dollar is in the driver’s seat,” said Mazen Issa, of TD Securities in New York.

The dollar index improved 0.6%, to 105.20 units, after reaching a maximum of seven weeks of 105.32 to add his biggest weekly gain since the end of September.

The euro was down 0.39% at $1.0549, after falling to a seven-week low of $1.0536 earlier, to post its biggest weekly loss against the greenback since late September. Sterling was down 0.6% at $1.1951.

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Against the yen, the US currency reached two-month highs at 136.44 units, and was later exchanged at 136.241, an increase of 1.3%. Against the Swiss franc, the greenback hit its highest level in seven weeks and then rose 0.7% to 0.9406.

Source: Ambito

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