The dollar goes in rise for the fourth consecutive week

The dollar is set for a fourth straight week of gains against its major rivals on Friday as traders bet U.S. interest rates will rise faster than expected due to rising inflation in Worldwide.

The euro was one of the biggest losers against the dollar and is on track to fall by around 1% this week, with European Central Bank President Christine Lagarde opposing expectations of a tightening of monetary policy in the day. eurozone.

Lagarde reiterated her stance on Friday, saying the ECB shouldn’t tighten monetary policy as it could stifle the recovery.

And the euro in the last few trades fell by 0.5%, registering 1.13195 dollars.

And the dollar index, which measures the performance of the US currency against a basket of six major currencies, shows that it is on track to achieve weekly gains of around 0.9%.

The dollar was up 0.4% on the day to 95.899, close to a 16-month high of 96.266 on Wednesday.

Expectations are growing that the dollar will strengthen in the next year.

US retail sales exceeded expectations this week after unexpected data for rising inflation last week. Meanwhile, the governments in Europe is grappling with a spike in coronavirus cases and economic data has been mixed.

The Japanese yen weakened slightly against the dollar after the Japanese government unveiled a new incentive package worth 55.7 trillion yen ($ 490 billion). The dollar rose 0.2% against the yen to 114,490 yen.

The British pound gave up some of its recent gains and fell 0.4% to $ 1.34440.

The price of the cryptocurrency bitcoin it dropped below $ 60,000, on its way to the worst week in six months, and has recorded in the last trading about $ 57,500.

Read More About: Business News

Leave a Reply