And the hoveringDThe dollar is near the highest level in a year against a basket of Currencies At 106.88, it is on track to achieve a weekly gain of 1.8 percent in what will be its best performance since September.
And it’s trending euro For its part, it recorded the worst weekly performance in seven months, with a decline of 1.75 percent. In the latest trading, the single European currency reached $1.0530, remaining near its lowest level in a year, which it recorded in the previous session.
And it went down Pound Sterling 0.02 percent to $1.2666 and is heading for a weekly loss of two percent, which represents its largest weekly decline since January 2023.
The head of the US Central Bank said Jerome Powell Yesterday, Thursday, the bank said there is no need to rush to reduce interest rates, and attributed this to continued economic growth and the strength of the labor market.
Traders reacted to his statements by reducing their bets on the pace and size of price cuts Interest. According to the CME’s Fed Watch tool, bets on a 25 basis point cut in interest rates next month fell to only 48.3 percent from 82.5 percent a day ago.
It is expected to perform Customs duties Higher rates and tightening immigration laws under President-elect Trump’s administration will increase inflation, which could slow the monetary easing cycle in the longer term.
And in return Dollar Strong, the yen returned to the spotlight again and continued its decline to a level that had previously required intervention by the Japanese authorities.
And it went down Yen 0.2 percent against the dollar to 156.57 yen, and is on track to record a weekly decline of 2.5 percent, according to Reuters data.
The Australian dollar also fell 0.06 percent to $0.6450 and is headed for a decline of more than two percent during the week, its worst weekly performance in four months.
The New Zealand dollar is also on track to record a weekly decline of two percent. In the latest trading, it fell 0.05 percent to $0.5846, remaining close to its lowest level in a year.
Regarding cryptocurrencies, Bitcoin fell below $90,000, amid some investors’ desire to take profits after a distinguished performance.
