Exchange rate: general increase in currencies except the pound : Orishas-finance

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Exchange rate: general increase in currencies except the pound

30/08/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

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Exchange rate: general increase in currencies except the pound

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This weekend, there was a general increase in the ranking of currencies except the pound sterling, which remained stable. rand sud-africain atteint son plus haut niveau depuis 13 mois, The Australian and New Zealand currencies maintain solid monthly gains, the Chinese yuan on the way to its best month in nine years, the Indian rupee is trending higher and the US dollar is expected to fall. Frequency of five weeks of losses.

The South African rand strengthened to its highest level in 13 months on Friday, supported by improved investor sentiment on signs that the national economy is starting to gain momentum. At 0935 GMT, the rand was up 0.7% to 17.63 per dollar. It previously reached 17.5950 against the greenback, a level that has not been seen since the end of July 2023

The Australian and New Zealand currencies maintain solid monthly gains. The Australian and New Zealand dollars were looking to end the month with significant gains on Friday, as the breaking of key chart barriers attracted momentum buyers against a U.S. currency that was encumbered with expectations of an aggressive rate cut.

The New Zealand dollar held steady at $0.6268, after peaking at $0.6298 overnight, giving it a sharp rise of 5.1% for the month.

The yuan strengthened to its highest level in two months on Friday, heading for its biggest monthly increase since November 2023, as business demand for the Chinese currency increases amid rising expectations of lower US interest rates.

It strengthened to 7.0895 per dollar in morning trading, after rising around 2% this month.

The Indian rupee may recover further on Friday, helped by the Chinese yuan rally and the anticipated inflows of equity boosted by the higher weight of domestic equities in the MSCI index.

The one-month undeliverable futures contract indicated that the rupee would open at a stable or slightly higher level against the US dollar, compared to its close of 83.87 on Thursday, compared to its close of 83.87 on Thursday, after gaining around 0.1%.

The dollar hit its highest level in a week against its main competitors on Friday, on the verge of ending a series of five weeks of declines, after robust economic data reduced bets on aggressive interest rate cuts from the Federal Reserve & oral.

The US dollar index - which measures currency against a basket of six major peers - was little changed at 101.34 at 00:32 GMT, after rising by 0.36% on Thursday and reaching the highest level since August 22 at 101.58.

Sterling stabilized on Friday, but is expected to end the week down slightly after good US statistics supported the dollar. The pound was up 0.1% at $1.3181 but is expected to end the week down 0.22%. The euro was down slightly against the pound, at 84.05 pence. Sterling fell after reaching a two-year high against the dollar on Tuesday, with stronger than expected US economic data on Thursday helping to boost the US currency.

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