The general index of the US dollar recorded declines for the second consecutive session in the middle of trading today, Wednesday, 30 March, coinciding with the opening of the European markets, where it lost about 0.38% to lose 98 levels for the first time in two weeks, trading at 97.98 levels, benefiting from the rise in optimism and the rise in risk appetite in Markets are in anticipation of the private sector employment data that will be released today in the American session.
The state of optimism in the markets increased due to the Ukrainian-Russian situation and the high expectations of a diplomatic solution between the two parties on the sidelines of their meeting in Turkey, where Russia promised yesterday, Tuesday, to reduce its attack on Kyiv, which raised the appetite for risk in the markets, and the markets began to be optimistic that the conflict had become imminent to end.
The yield on US treasury bonds is in turn putting pressure on the US dollar, as the yield on ten-year treasury bonds loses about 1.38%, recording declines for the second consecutive session.
We followed the statements of US Federal Reserve President Patrick Harker in Philadelphia yesterday, Tuesday, who indicated that he prefers a systematic series of interest rate increases and that he is open to larger increases by half a point if inflation does not decline, and that he expects the Fed to raise interest rates by 7 times this year.
On the economic data front, the focus today is on the employment data in the private sector, the ADP, in addition to the final reading of the US GDP growth for the fourth and last quarter of last year.
The euro is one of the biggest beneficiaries of the US dollar’s decline, as it is now trading at 1.1127 levels against the US dollar, up 40 points.
The Japanese yen, in turn, recorded gains of more than 350 points from its lowest level at the beginning of the week against the US dollar, taking advantage of the dollar’s decline, as officials began to show a state of alarm at the low level of the yen, especially after the meeting of the Japanese Prime Minister and Bank Governor Kuroda.
05/11/2024
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