Saturday, June 3, 2023

The dollar fell after advancing throughout the week; Hope of credit limit boosts confidence

LONDON/NEW YORK (Reuters) – The dollar fell on Friday after rising for most of the week, as optimism about a breakthrough in U.S. debt limit talks boosted risk sentiment and supported currencies benefiting from positive economic and market conditions. Inspire to buy.

* Commodity currencies such as the euro, sterling and the Australian, New Zealand and Canadian dollars rose at the expense of the greenback.

* The dollar index was down 0.2% at 103.31 after hitting a seven-week high in the previous session. During the week, the greenback was up 0.6%.

* Democratic negotiators told President Joe Biden on Friday they were making “steady progress” in talks with Republicans aimed at avoiding a US default.

* This reduced the risk of an unprecedented and financially devastating default.

* “There is some enthusiasm for debt limits, which is helping risk appetite,” said Brad Bechtel of Jefferies in New York. “Plus, it’s Friday and people are hedging ahead of the weekend. The dollar has been up nicely all week.”

* The dollar was down 0.1% against its Japanese counterpart at 138.55 yen, after hitting a six-month high of 138.745 yen. For the week, the US currency was up 2.1%, on track for its biggest weekly gain since mid-February.

* The euro was up 0.2% at $1.0791, just above its seven-week low, while sterling was up 0.2% at $1.2434, not far from its seven-week low. one month.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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