The US dollar fell for a fourth consecutive session on Friday, hitting its lowest level in more than two months, with investors taking the view that most of the recent tightening trend by the US central bank had already been socket in consideration.
Today, the dollar index fell 0.2% to 94.62 against a basket of currencies, the lowest level since the beginning of November.
On a weekly basis, it is falling 1.11%, the largest decline since December 2020. Yesterday Thursday it fell below the media mobile to 100 days for the first time since June 2021.
Compared to other major currencies, the dollar’s losses were more pronounced against the Japanese yen and the Chinese yuan, in decrease of 0.4% and 0.3% respectively.
The euro has risen more than 1% since the beginning of the week and is out of range in which it had been confined to since late November, reaching its highest level since November 11 at $ 1.1483.
The pound rose despite a political crisis that threatens the survival of Prime Minister Boris Johnson in charge, as the pound is heading towards its fourth consecutive weekly rise of more than 0.5%. And in recent trading, it reached $ 1.3730.
Cryptocurrencies stabilized after a volatile week, with Bitcoin prices remaining close to a three-month low at just under $ 42,000.
Karim Al-Aita, investment manager at the Bank of Singapore said there are expectations to raise US interest rates four times quest’year.
In his conversation with Al-Arabiya, he explained that despite rising inflation, improving supply chains as US interest rates rise and the easing of US Federal Reserve bond purchases will improve. inflation levels in the United States.
He said he expected the dollar to rise against the euro and the pound.
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