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[size=36]The US dollar maintains its course globally[/size]
Economie| 02:02 - 12/23/2022
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Follow-up - Mawazine News
The dollar was in the lead on Friday, as strong US economic data reinforced the need for the Federal Reserve to stay on its path of tightening monetary policy and increased the odds of raising interest rates for a longer period.
The greenback gave up some of its gains in Asian trade after rallying broadly overnight, although it faltered against the Japanese yen, which continues to attract strong demand after the Bank of Japan's surprise policy adjustment earlier in the week.
The pound rose 0.05% to $1.2043, after falling to a three-week low of $1.1993 overnight.
The kiwi rose 0.38% to $0.62715, after falling 0.7% and touching a three-week low on Thursday.
Data released Thursday showed that the number of Americans filing new claims for unemployment benefits rose less than expected last week, indicating a still-tight job market.
A second report on the same day confirmed that the US economy rebounded in the third quarter at a faster pace than previously expected, after contracting in the first half of the year.
The euro rose 0.06% to $1.0606, with the single currency under broad pressure recently due to a combination of weak growth in the eurozone, the Ukraine war, and the Federal Reserve's hawkish policy path.
Against a basket of currencies, the US dollar index settled at 104.37.
The bank's surprise The
yen fell about 0.2 percent to 132.67 per dollar on Friday, but it is on its way to achieving its third largest weekly gain this year, by more than 3 percent.
The Bank of Japan's surprise adjustment on Tuesday to allow the 10-year yield to move 50 basis points either side of its 0% target, wider than the previous range of 25 basis points, provided a strong impetus for the previously sliding yen. The central bank's move reinforced the market's expectations that it may be a prelude to the complete abandonment of the yield curve control policy.
Data released on Friday showed that Japan's core consumer inflation hit a 40-year high of 3.7% in November as businesses continued to pass rising costs on to households.
Minutes of the BoJ's October policy meeting released on Friday showed that some policymakers called for attention to how a future exit from ultra-low interest rates will affect markets and household mortgage rates.
In other currencies, the Australian dollar rose 0.13% to $0.6678, after falling 0.6% overnight.
The offshore Chinese yuan rose about 0.2% to 6.9975 per dollar.
Two sources told Reuters that Russia will start buying the yuan from the currency market next year if oil and gas revenues meet expectations, opening a new front in an accelerated campaign to remove the dollar aimed at reducing its dependence on Western financing. Ended 29 / M99
The dollar was in the lead on Friday, as strong US economic data reinforced the need for the Federal Reserve to stay on its path of tightening monetary policy and increased the odds of raising interest rates for a longer period.
The greenback gave up some of its gains in Asian trade after rallying broadly overnight, although it faltered against the Japanese yen, which continues to attract strong demand after the Bank of Japan's surprise policy adjustment earlier in the week.
The pound rose 0.05% to $1.2043, after falling to a three-week low of $1.1993 overnight.
The kiwi rose 0.38% to $0.62715, after falling 0.7% and touching a three-week low on Thursday.
Data released Thursday showed that the number of Americans filing new claims for unemployment benefits rose less than expected last week, indicating a still-tight job market.
A second report on the same day confirmed that the US economy rebounded in the third quarter at a faster pace than previously expected, after contracting in the first half of the year.
The euro rose 0.06% to $1.0606, with the single currency under broad pressure recently due to a combination of weak growth in the eurozone, the Ukraine war, and the Federal Reserve's hawkish policy path.
Against a basket of currencies, the US dollar index settled at 104.37.
The bank's surprise The
yen fell about 0.2 percent to 132.67 per dollar on Friday, but it is on its way to achieving its third largest weekly gain this year, by more than 3 percent.
The Bank of Japan's surprise adjustment on Tuesday to allow the 10-year yield to move 50 basis points either side of its 0% target, wider than the previous range of 25 basis points, provided a strong impetus for the previously sliding yen. The central bank's move reinforced the market's expectations that it may be a prelude to the complete abandonment of the yield curve control policy.
Data released on Friday showed that Japan's core consumer inflation hit a 40-year high of 3.7% in November as businesses continued to pass rising costs on to households.
Minutes of the BoJ's October policy meeting released on Friday showed that some policymakers called for attention to how a future exit from ultra-low interest rates will affect markets and household mortgage rates.
In other currencies, the Australian dollar rose 0.13% to $0.6678, after falling 0.6% overnight.
The offshore Chinese yuan rose about 0.2% to 6.9975 per dollar.
Two sources told Reuters that Russia will start buying the yuan from the currency market next year if oil and gas revenues meet expectations, opening a new front in an accelerated campaign to remove the dollar aimed at reducing its dependence on Western financing. Ended 29 / M99
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