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Currency: pound sterling, South African rand and dollar up; yen and ruble weak

16/02/2024
Source : ORISHAS FINANCE
Categories: Economy/Forex

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At the end of this week, currencies moved in scattered order. While the pound sterling rebounded, the rand increased its gains in early trades, and the dollar strengthened. In addition, the yen is weakening and the ruble is sliding

.

The British pound rebounded on Friday. According to the Office for National Statistics, retail sales grew at a monthly rate of 3.4% in January, while a survey predicted a 1.5% increase. This was the largest increase since April 2021. The pound remained stable at 1.2596 dollars, after trading around 1.25815 dollars before the figures were published

.

De son côté, le rand South Africa strengthened early on Friday, extending the gains made the day before.

At 0725 GMT, the rand traded at 18.9125 against the dollar, about 0.2% stronger than its previous close.

Le dollar pour sa part se strengthened, on track to achieve its fifth consecutive weekly increase. The dollar index, which measures the American currency against six major rivals, was up 0.13% to 104.40 on Friday, after falling 0.4% on Thursday. The index is on track to gain 0.3% for the week, its fifth consecutive gain. The dollar slipped on Thursday after mixed U.S. data, with retail sales falling more than expected in January, while a separate report highlighted tensions in the labor market

.

In addition, the Japanese yen weakened by 0.22% to 150.26 per dollar, oscillating around the 150 mark, a level that puts the market on alert for a possible intervention by Japan to weaken its currency, as well as rants from officials. Meanwhile, the euro was down 0.11% at $1.0761, which suggests a slight fall during the week and is not far from the three-month low of $1.0695 it touched at the start of

the week.

The Russian ruble has weakened, falling to slightly lower levels since early January, before the central bank's first interest rate decision for the year, in which a 16% hold is expected after months of rate hikes. At 07:24 GMT, the ruble was 0.2% weaker against the dollar at 92.39, its lowest level since January 4, except for two sessions, January 16 and February 9, which saw sudden and abrupt spikes that traders attributed to an algorithmic trading error by a major player. It remained stable against the euro, at 99.31, and strengthened by 0.1% against the yuan, at 12.72

.
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