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Foreign exchange market: the dollar and yuan up, the ruble and the euro down

28/06/2024
Source : ORISHAS-FINANCE
Categories: Economy/Forex

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Ce vendredi, tandis que le dollar dépasse les 161 yens et vise une hausse trimestrielle, The yuan rose slightly against the dollar. The euro is on track for its biggest monthly drop since January and the ruble is weakening.

The dollar was heading for a second consecutive quarterly gain and hit its highest level in nearly four decades on the yen battered during Asian trading on Friday, ahead of a crucial reading of US inflation. For the quarter, it is down 6% against the dollar and for the year so far, it has lost 12% - the biggest drop of any currency in the G10. The US dollar index gained 0.2 percent to 106.07 on Friday, up 1.5 percent on a quarterly basis

.

The Australian dollar fell by 0.4% to $0.6623, although it is heading for a gain of around 1.6% over the quarter, as persistent inflation has dashed expectations of an upcoming fall in Australian rates. The New Zealand dollar fell 0.3 percent to $0.6065 on Friday but rose 1.5 percent for

the quarter.

The euro is on track for its biggest monthly drop since January, with political uncertainty weighing heavily in the run-up to the parliamentary elections in France, while the dollar hit its highest level in nearly four decades against a battered yen, as data approaches. The keys to inflation. The euro was down 0.05% at $1.0695 and is expected to end the month with a fall of 1.33%, the largest since January when it fell by 1.99%

.

The Russian ruble weakened against the dollar after exporters completed currency sales to meet the monthly tax payment deadline set Friday. On the interbank market, where liquidity may be low because major sanctioned Russian banks cannot participate, the ruble traded down 1.5% to 86.30 per dollar at 07:56 GMT. The official central bank dollar-ruble rate was set at 84.96 for June 28, calculated on the basis of over-the-counter trading

.

The yuan rose slightly against the dollar but remained close to its lowest levels in seven months, as the first American presidential debate in 2024 gave little impetus to the market. Supported by firmer guidance from the central bank, the yuan was up 0.01% to 7.2678 per dollar at 03:12 GMT, after trading in a range of 7.2641 to 7.2685

.

The Indian rupee will likely be helped by the expected entries from the inclusion of the country's bonds in the JPMorgan Emerging Markets Bond Index on Friday, while keeping an eye on the strength of the dollar ahead of key US inflation data. Undeliverable futures indicate that the rupee is likely to open unchanged against the US dollar from 83.46 in the previous session

.
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