In recent trades, the dollar rose by 0.19% to $0.5860, remaining close to its recent annual minimum. The yuan decreased against the dollar to 7.2234 within the country, which has now been in a downward trend since last week, marking the longest losing streak since 2021. In connection with cryptocurrency, the price of bitcoin fell below $90,000 due to a miss by investors on the collection of profits after a successful outing.
According to the CMIE data, the rates for reducing percentage rates decreased by 25 basis points in the following month to 48.3%, compared to 82.5% a day earlier. High customs duties and tightened immigration laws during the Trump presidency potentially lead to increased inflation, which may slow down the long-term monetary easing process.
With the strengthening of the dollar, the yen again falls into the spotlight, continuing its decline to a level that requires intervention from Japanese authorities. It dropped by 0.1% against the dollar to 156.39 yen, indicating a weekly decrease of 2.4%. The Australian dollar increased by 0.12% to $0.6462, pointing towards a decline of 1.85% for the week, marking the worst result in four months.
The New Zealand dollar also decreases by 1.8% for the week. It has increased by 0.06% to $1.2676. The euro continues to remain at a low level, reaching the upcoming session at $1.0541. It shows a weekly decrease of 1.67%, also marking a minimum for more than a month.
Federal Reserve Chair Jerome Powell stated yesterday that the bank does not need to rush with reducing interest rates, basing this on ongoing economic growth and the stability of labor markets. Reacting to his statements, traders have lowered rates on the speed and volume of reductions in interest rates.
The dollar today, Friday, is heading for a record-breaking performance for more than a month with sustained predictions, which the Federal Reserve will decrease... At this time, the fund's sterling is losing two percent for the week, which constitutes the largest weekly decline since January 2023.
