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Foreign exchange market: The dollar on pause, the pound on its biggest gain and the rand gains ground

02/06/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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The currencies moved in various ranks at the end of this week. While the dollar is on pause ahead of the US jobs report, the pound is heading for its biggest weekly gain and the South African rand gained in early trading on Friday.

The greenback lost 0.09% against the single currency, at 1,0772 dollars per euro around 08:40 GMT, and dropped 0.04% against the British currency at 1.2532 dollars per pound.

For its part, sterling headed for its biggest weekly gain against the dollar in six months on Friday, as US interest rates seem increasingly likely to peak earlier than UK rates.

In addition, the South African rand is recovering from betting on a pause in Fed interest rates. He won in the first few trades on Friday. The rand traded at 19.5875 against the dollar, about 0.2% stronger than its previous close

at 06:45 GMT.
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