The US dollar returned to rise at the beginning of this week to continue rising for the third consecutive session with the beginning of the European session’s trading session today, Wednesday, September 8th (September), to record the index that measures the performance of the dollar against a basket of currencies (Dollar Index) gains by about 0.18% and by more than 0.50% Since the beginning of the week, it is trading at 92.67 levels, while the other major currencies are retreating, affected by this rise in the US dollar.
Since the beginning of the week, the markets have ignored the US jobs data, which was disappointing in the last sessions of the last week, and raised the markets’ fears about delaying the start of the process of reducing bond purchases from the US Federal Reserve. However, the rise in US bond yields and stock declines since the beginning of the week reduced these fears and thus supported the rises U.S. dollar .
Louis Federal Reserve Chairman James Pollard confirmed this Wednesday morning in his statements to the Financial Times that the US Federal Reserve must move forward with the plan to reduce the $120 billion monthly asset purchases program, and Pollard expects the gradual tapering of the program to continue starting this year and ending by half. first of next year.
In a related context, the American investment bank Goldman Sachs lowered its forecast for the growth of the US economy for the current year to 5.7%, compared to 6% in previous estimates, while the bank raised its growth forecast for the next year to 4.6%, compared to 4.5% in previous estimates.
During today’s session, the markets are awaiting the Bank of Canada’s announcement of its monetary policy in the American session, as expectations indicate that the Central Bank of Canada will keep its monetary policy and interest rates unchanged, especially with the approach of the Canadian federal elections that will take place on the 20th of this September.
The Canadian dollar has been declining against the US dollar since yesterday’s session, and is trading at 1.2682 levels, affected by the US dollar’s gains, and has lost more than 150 points since the beginning of the week.
06/11/2024
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