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The super dollar maintains the upward trend and is heading for its biggest weekly rise since February

The super dollar maintains the upward trend and is heading for its biggest weekly rise since February

The super dollar rises this Friday and It is heading, thus, to its highest weekly rise since February in a context heated by the inflation data in the United States that was released a few days ago and other macroeconomic data that worries the market.

Analysts believe the dollar could have benefited from its safe-haven status this week, as the US debt ceiling stuck and some new worries about banks unsettled investors. futures traders of the funds of the Federal Reserve still are assessing a pause before the rate cuts scheduled for September.

Thus, the dollar index, which compares the evolution of the US currency against its six main pairs, rises 0.22% to 102.15 and heading for a weekly rise of 0.82%.

The euro falls marginallyat $1,091, after having touched its minimum since April 11 the day before, at $1.09.

“Overall we are entering a more defensive state,” said Carl Hammer, chief strategist at European bank SEB.

Find out more – I followed the price of the blue dollar, official, CCL and MEP in Argentina

Nevertheless, the general trend of the greenback remains bearish. It has declined more than 11% since hitting a 20-year high last year and has fallen back seven of the past nine weeks.

Sterling, meanwhile, gained 0.2% to $1.254, after declining 0.9% on Thursday and hitting its minimum of one week.

While, against the yen, the US currency advances 0.1%, to 134.67 units.

“I think that the market is beginning to rethink the prospects for the Fed to cut rates after inflation, although lower, remained on the high side,” said Joe Manimbo, Senior Market Analystin convera in washington.

“The dollar would win if markets take rate cuts off the table, a scenario that would allow it to maintain its yield advantage for longer.”

Source: Ambito

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