The general index of the US dollar continues to rise for the second consecutive session since the beginning of the week, with the opening of the European markets for the session today, Tuesday, the seventh of June (June), supported by the rise in US bond yields, which receive support from the rising market concerns about the continuation of global inflation rises.
Amid the absence of economic data affecting market movements at the beginning of the week, the US dollar is benefiting from its position as one of the most important safe-haven currencies in the markets, amid a clear decline in risk appetite and an increase in safe haven currencies and assets, in addition to rising expectations that the US Federal Reserve will continue to tighten monetary policy strongly after the US labor market data at the end of the week. last week .
The yield on US Treasury bonds recorded strong increases at the beginning of the week, as the yield on the ten-year bonds tested 3.047 levels yesterday, Monday, to support the gains of the US dollar.
The markets are awaiting US inflation data by the end of the week on Friday, which comes a week before the US Federal Reserve’s decision, and therefore Friday’s data will play an important role in the moves before the meeting.
On the other hand, the Japanese yen is trading at its lowest level against the US dollar since April of 2002 at levels of 132.70, strongly influenced by the rise in US bond yields, the widening gap between Japanese and US yields, and the continuation of the Japanese central bank’s stimulus policy, which is the opposite of the tightening policy of the US Federal Reserve.
The Central Bank of Japan Governor Kuroda’s comments came this morning in support of the yen’s decline, as Kuroda confirmed that the weakness of the Japanese yen is positive for the economy, while the moves were not very sharp.
The euro, in turn, is stabilizing in its dealings against the US dollar, trading at 1.0685 levels this morning, less than 24 hours before the European Central Bank meeting.
The British pound is trading at 1.2490 levels, rising from its lowest levels, as British Prime Minister Johnson survived an attempt to withdraw confidence from him on Monday.
02/11/2024
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