The U.S. dollar rose on Friday morning in Asia. Nevertheless, the euro was set for its worst week against the greenback in nine months. Russia’s actions in Ukraine and resultant higher commodities prices continue to drag on expectations of European economic growth.
The U.S. dollar index that tracks the U.S. currency against a basket of other currencies gained 0.16% to 97.950 by 10:36 PM ET (3:36 AM GMT).
The USD/JPY pair dropped 0.09% to 115.36. Japanese data released on Friday showed that the jobs/applications ratio was 1.2 and the unemployment rate was 2.8% in the first month of 2022.
The AUD/USD pair gained 0.08% to 0.7335, with retail sales growing 1.8%. The Australian dollar benefited from commodity prices. Higher commodity prices due to the war in Ukraine helped the Australian currency to climb steadily over the past few weeks.
The NZD/USD rose 0.07% to 0.6805.
The USD/CNY pair was stable at 6.3204. The GBP/USD pair dropped 0.02% to 1.3343.
The situation in Ukraine is very complicated. Russian troops shelled Europe’s largest nuclear power plant in Zaporizhzhia. They also continued to attack Ukrainian cities on the eighth day of its invasion.
The largest nuclear power plant was reportedly on fire, which gave the Australian dollar a boost. The news about the power plant sent the euro tumbling a further 0.48% to $1.1009, its lowest since May 2020. It dropped 1.84% in the week to date, its worst week since June 2021. The U.S. currency also declined against the safe-haven yen but gained against other currencies.
Across the Atlantic, the Federal Reserve is set to hike interest for the first time since the Covid-19 pandemic began in 2020 when it hands down its policy decision on March 15.
In a world where economic uncertainty looms, and geopolitical tensions persist, investors often turn to precious metals as a reliable…
Key points: Apple collaborates with Taiwan Semiconductor to create AI chips for efficient data centre operations. Despite a 4% revenue…
Key Points Bitcoin's support is $63,350, with further levels at $62,800 and potential dips to $60,800. Key resistance at $64,500;…
Key Points: Amazon Web Service (AWS) has committed $8.87 billion to enhance data centre capabilities in Singapore over the next…
Key Points USD weakness fuels GBP surge; Dovish Federal Reserve Comments Hint at Possible rate cuts, boosting GBP/USD to 1.2560.…
Key Points: Brent oil futures increased by 0.5% to $83.73/barrel, and WTI up 0.6% to $78.56/barrel. Israeli military action in…
This website uses cookies.