Saturday, September 30, 2023

The Superdollar posted its ninth consecutive weekly rise

He dollar He dropped out this Friday, September 15, after a meeting Data that showed a Decline in consumer confidence. However, the greenback has chained its value ninth consecutive week of gains. At the same time, the yen weakened to its lowest level in 10 months.

He Dollar index fell by 0.08% A 105.32 but closed with a ninth consecutive weekly advance The Longest strand from a 12-week profit 2014.

Record positive trend since 2014 for the dollar: in what context?

The preliminary reading of Consumer Confidence Index from the University of Michigan fell to 67.7 this month, from a recent reading by 69.5 in August and less than that Forecast of 69.1 of economists surveyed by Reuters.

However, consumers saw this inflation be lower both in one year and in five years.

Previous data of the Labor Department showed that the Import prices they went up And 0.5% last month due to the price increase of Fuels but underlying pressures remained moderate, while another report from the Federal Reserve New York showed factory activity in the state rebounded in September.

“None of the data currently points to a recession. However, the future of fed continue to show that there is one coming at the end of the year Tariff reduction” said Joseph Trevisani, senior analyst at

“If credit markets continue to believe that a rate hike as big as the Fed’s will ultimately result in… recession (…) Where are the people going to? they are going to dollar“.

The Federal Reserve will be a celebration the monetary policy meeting next week He September 19th and 20thand it is expected that the central bank will maintain this Interest charges without changes, with a 97% assume no action will be taken according to CME’s FedWatch tool.

After getting up at the beginning of the week read expects an increase of 25 basis points at the Fed’s November meeting fell to 30.6%from 43.6% a week ago, with a slim chance of a reduction as early as January.

Dollar against other currencies

The dollar continued to gain ground against the yen after the Japanese currency rose against the dollar earlier in the week. The dollar was last up 0.25% at 147.84 yen after reaching a maximum 10 months from 147.96.

The euro rose 0.2%A 1.0666 u$ recovers easily from a at least six months last Thursday, 1.0629 u$. This happened after the monetary policy announcement of the European Central Bank (ECB), the raised interest rates to an all-time high of 4% but found that there probably wouldn’t be any more.

In this framework it is Euro wrote his down ninth consecutive weekly decline against the dollar.

Nation World News Desk
Nation World News Desk
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