The general index of the US dollar is trading in a relatively narrow trading range in the middle of trading today, Thursday, January 20, and half an hour before the opening of the American markets, where the index that measures the performance of the dollar against a basket of currencies, known as the Dollar Index, is trading at 95.47 levels, down by about 0.10%, as the US dollar is exposed Today, under pressure from the decline in the yield on US Treasury bonds, which are retreating from their highest levels in two years.
These declines in the US dollar come less than a week before the US Federal Reserve meeting next week, which is largely expected that the US Federal Reserve will not modify its policy in the first meeting of this year, and therefore, attention will be directed towards the March meeting, in which it was confirmed that the interest rate hike by a quarter point, at a rate exceeding 90 % , but a quarter point hike is now priced at the current dollar prices .
In terms of economic data, data released a moment ago showed an increase in weekly unemployment benefits in the United States of America in the last week ending on January 15th, to reach 286, compared to 230 thousand in the previous week, before it was adjusted to 231 thousand, while expectations were at 227 thousand, bringing the rate up. For four weeks of subsidies by 20 thousand to reach 251 thousand applications.
The Philadelphia manufacturing index recorded a growth in January, exceeding expectations, rising by 8 points to 23.2 in January, while expectations were for a rise of about 18.9 points.
The euro is trading in a narrow range, as is the case in the US dollar index and is now trading at 1.1358 levels, despite the statements of European Central Bank President Christine Lagarde, which confirmed that interest rates will not be raised during the current year despite the rise in inflation, which will decline gradually during the current year, according to her opinion.
On the other hand, the Japanese yen is trading up against the US dollar by more than 20 pips, and it is trading at 114.15 levels.
The Australian dollar is considered one of the biggest beneficiaries of the US dollar’s declines today, as it rises more than 40 points against the US dollar and is trading at 0.7260 levels, taking advantage of the positive numbers from the Australian labor market, which were issued this morning.
05/11/2024
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