The dollar fell from its highs on Friday, September 9, 2022, while the euro reached its highest level in three weeks. The pound sterling benefits from this fall in the dollar in the same way as the yen and the pound, which were climbing.

The dollar corrected sharply on Friday and moved away from its recent highs against the other major currencies. Around 09:10 GMT (11:10 CET), the euro gained 0.91% to $1.0089, after briefly returning to $1.01 for the first time since 18 August. The euro jumped around 1% against the dollar to reach a three-week high, the Australian dollar, the Swiss franc, and the dollar Canadians all also posting significant gains against the greenback.

The yen jumped from 1.41% to 142.11 yen per dollar. On the British side, the pound sterling jumped against the dollar on Friday, while Britain saw a new prime minister and Queen Elizabeth passed away. The pound rose more than 1% to $1.1646, its highest level this month, and was recently at $1,622.

The franc was regaining strength against the euro, following a dramatic increase in key interest rates by the European Central Bank (ECB). At 10:04, the Swiss currency appreciated to 0.9691 francs to the euro, after relaxing to 0.9727 EUR/CHF in the early morning. In the same context, the South African rand strengthened in the morning exchanges. At 0625 GMT, the rand was trading at 17.4175 against the dollar, 0.63% higher than its previous close.