Foreign exchange market: the rand, the dollar and the euro stable, the yuan, the yen and the pound falling : Orishas-finance

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Foreign exchange market: the rand, the dollar and the euro stable, the yuan, the yen and the pound falling

13/05/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

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Foreign exchange market: the rand, the dollar and the euro stable, the yuan, the yen and the pound falling

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At the beginning of the week, currencies such as the rand, dollar, and euro are all stable, while the Chinese yuan, yen, and sterling are down.

The South African rand was little changed at the start of the session on Monday. At 06:30 GMT, the rand was trading at 18.4200 against the dollar, close to its previous close of

18.4300.

The dollar consolidated against its main competitors on Monday Against the yen, the dollar held steady at 155.80, after reaching its highest level since May 2 at 155.965. The currency rose against the yen after a 3% drop at the beginning of the month, its biggest weekly percentage drop since early December 2022, after two alleged interventions

The euro was unchanged at $1.0769 as the eurozone prepares for its own inflation figure on Friday.

In addition, the Chinese yuan fell to its lowest level in two weeks against the dollar. The Chinese yuan has lost 1.9% of its value against the dollar this year and remains vulnerable to a fragile economic recovery as well as political and geopolitical challenges.

The spot yuan opened at 7.2274 for one dollar and changed hands at 7.2338 at noon, 68 pips less than the close of the previous late session and 1.84% from the midpoint.

Le yen weakened by 0.11% to 155.91.

The dollar rose after falling 3% at the beginning of the month, its biggest weekly percentage drop since early December 2022, after two alleged interventions by Japanese authorities Old Style”, "serif">.

Sterling was firm at $1.2517, down 0.03% on the day. Data released on Friday showed that the British economy grew at its strongest in nearly three years in the first quarter, ending the mild recession it entered in the second half of last year.

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