Tue, June 25, 2024

The U.S. dollar consolidated losses

dollar, Euro fell after the last weeks' rally; The U.S. dollar soars

On Friday, the U.S. dollar consolidated losses after a week of falls that pushed it to its lowest in two and a half years. The dollar index increased by 0.1% on the day to just short of 90. However, remained on track of a decline of above 1% over the week. Significantly, on December 17, it hit its lowest in more than two years and stood at 89.723.

According to analysts, policy updates from central banks in the United States, United Kingdom, Japan, Norway and Switzerland this week should upend recent currency market trends and the long-term weakening of the greenback.

Additionally, analysts at MUFG made a statement according to which the news this week certainly strengthens the prospects of loose monetary conditions, and favourable risk asset performance led by the Fed will keep the U.S. dollar on a weakening path.

Another essential thing to note is that on December 18, the Bank of Japan published an extension of its coronavirus loan programmes by six months.

The greenback increased by 0.5% against the yen

Furthermore, the U.S. dollar recovered by 0.5 per cent against the yen and settled at 103.595 yen. Notably, it was last up 0.2%. However, it remains on track for more than half a per cent decline versus the Japanese currency for the week.

Additionally, the British sterling reversed some of its gains versus the greenback and euro. Uncertainty talks over a Brexit trade deal between the United Kingdom and the European Union has resumed.

On December 18, Michel Barnier, EU Brexit Negotiation, announced that only a few days remained for negotiations to reach a trade deal with the United Kingdom.

Furthermore, British prime minister Boris Johnson announced that trade talks were looking hard. However, the door for more negotiations remains open.

Additionally, on Thursday, the world’s largest cryptocurrency Bitcoin sharply increased to its lifetime high and traded about $23,000.

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