The dollar is moving towards weekly losses, while the euro is retreating from the highest level in more than two weeks.

The dollar rose strongly today but remained on track for its biggest weekly decline since late May after weak US economic data.

The euro also fell after hitting its highest level in more than two weeks on Thursday when the European Central Bank raised the cost of lending in its first rate hike since 2011.

The dollar index, which measures the performance of the US currency against six major currencies, jumped 0.35% to 106.98 points after falling 0.36% on Thursday, but at a two-week level it remained 0.95% lower, which was the biggest drop since May 29. , and the first weekly decline after 4 weeks.

The euro fell 0.44% to $1.0187 from $1.0279 on Thursday after a larger-than-expected rate hike by the European Central Bank.

In a statement, European Central explained that very high energy prices are the main reason for its upward trend in interest rates, adding that despite this, “supply bottlenecks, strong demand and depreciating exchange rates are also leading to higher inflation.” .

The Japanese yen reached its first weekly gain since the end of May, although the recovery of the dollar has limited its growth.

The dollar rose 0.43% to 137.925 yen after falling 0.67% late Thursday, off a 24-year high of 139.38 yen it hit last week.

The pound sterling also fell 0.35% to $1.1962, cutting its weekly gain to 0.8% but remaining at its highest level since the end of May.

The Australian dollar fell 0.47% to $0.69035, but it remains the best performance since May 20.

Source: magazineForbes Middle East