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Foreign exchange market: the big fall, the yen is about to register its first weekly rise and the dollar resumes

05/05/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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Currencies move in a dispersed order at the end of the week. While the South African rand fell, the yen is about to record its first weekly rise and the dollar regained some ground against the euro on Thursday.

The dollar recovered slightly against the euro on Thursday after a more moderate increase in the European Central Bank's (ECB) main rate, but remains penalized by the fall in US bond rates. The greenback gained 0.43% against the single currency, at 1.1015 dollars per euro around 19:55

GMT.

The South African rand fell on Friday. It traded at 18.3725 against the dollar, down more than 0.4% from its closing level on Thursday at 08:17 GMT.

The rand is very sensitive to changes in global investor sentiment.

The yen is set to record its first weekly rise in nearly a month on Friday, thanks to demand for safe havens in the face of banking turmoil in the United States, while the dollar falls as traders anticipate more aggressive rate cuts from the Federal Reserve.

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