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Find all the economic and financial information on our Orishas Direct application to download on Play StoreCette fin de semaine, dollar atteint des sommets de plusieurs semaines, tandis que la livre sterling rose briefly. In addition, the Chinese yuan falls to its lowest level in 7 months, while the Indian rupee is expected to fall from its historic low
.The dollar reached multi-week highs while other central banks were more accommodative than the Fed. The U.S. dollar hit a new eight-week high above 159 yen and held on to a five-week high against sterling on Friday, with the Federal Reserve's patient approach to cutting interest rates contrasting with more accommodative positions elsewhere. The dollar index, which measures currency against six major currencies, including the yen, the pound sterling, the euro and the Swiss franc, rose by 0.41 percent overnight, becoming positive for the week after a second successive rate cut at the Swiss National Bank and hints from the Bank of England for a
cut in August.As far as it is concerned, the pound rose briefly on Friday, after British retail sales exceeded expectations in May, offering some comfort in the face of British consumer resistance, a day after the Bank of England paved the way for a possible rate cut in August. Sterling hit a high of $1.2675 shortly after retail sales figures were released, before returning to $1.2669, up 0.1% on the day and heading for a third weekly decline of
0.3%.Par ailleurs, The Chinese yuan fell on Friday to its lowest level in seven months against the dollar, penalized by portfolio outflows from continental financial markets and by speculation that the central bank would allow gradually to the currency to weaken. Around 02:45 GMT, the yuan was just above the November low of 7.2613, after falling from 7.2575 earlier in the day. At its lowest, it was only 7 pips away on the weak side of the band in which the People's Bank of China manages the currency. The fall of the currency to its lowest level in 7 months during the previous session was triggered in part by the low central bank's fixation rate, which stimulated market speculation; the authorities may be ready to see it weaken
.For its part, undeliverable futures indicate that the rupee will open between 83.60 and 83.62 per US dollar, compared to 83.6525 in the previous session. The local currency hit an all-time low of 83.6650 on Thursday afternoon due to capital outflows and a fall from its
Asian counterparts.
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