Tuesday, March 5, 2024

The dollar is set to record its first weekly decline in a month


(MENAFN– Al Waqeel News)

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

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The euro fell after more than two weeks of gains on Thursday when the European Central Bank raised borrowing costs in its first rate hike since 2011.
The dollar index, which measures the U.S. currency’s performance against six major currencies, rose 0.35 percent to 106.98, after a 0.36 percent decline on Thursday.

But on a weekly basis, the dollar index fell 0.95 percent, the biggest decline since May 29 and the first weekly decline in four weeks.

The euro fell 0.44 percent to $1.0187, down from Thursday’s $1.0279 level, following a bigger-than-expected rate hike by the European Central Bank.

The Japanese yen headed for its first weekly gain since late May, although the dollar’s recovery pared its gains.

The dollar rose 0.43 percent to 137.925 yen, after falling 0.67 percent in the evening, moving further from a 24-year high of 139.38 yen reached last week.

As for the rest of the currencies, the pound sterling fell 0.35 percent to $1.1962, paring its gains for the week to 0.8 percent, but its highest level since late May.
The Australian dollar fell 0.47% to $0.69035 and was up 1.63% on the week, but this was its best performance since May 20.

Sky News


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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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