During currency trading on Friday morning, the US dollar was modestly lower against its main rivals – the euro, the pound and the yen, after a significant rise the previous day.
The ICE index, which shows the dollar’s performance against six currencies (the euro, the Swiss franc, the yen, the Canadian dollar, the pound sterling and the Swedish krona), is down 0.17% today. The indicator rose 0.35% on Thursday and ended in positive territory for the third week in a row.
The dollar was supported this week by expectations that the Fed will not cut rates until the end of the year to fight high inflation, as well as good statistics on the US economy.
On Thursday, the US Commerce Department raised its estimate for the country’s economic growth in the first quarter to 1.3% year-on-year from a previously reported 1.1%, although analysts generally did not expect a revision to the data.
Also, the day before, US President Joe Biden and House Republican Majority Leader Kevin McCarthy were optimistic about the progress of negotiations to raise the national debt ceiling. Rep. Kevin Hearn of Oklahoma even expressed hope that a deal would be reached by Friday night.
As of 11 a.m. Bulgarian time, the euro was trading on the stock market for $1.0737, compared to $1.0725 at the close of the previous session, with the common currency gaining around 0.17%.
The British pound sterling rose 0.25% to an exchange rate of $1.2351 per pound, compared with $1.2321 per pound the day before.
Against the Japanese national currency, the U.S. rose 0.37% to 139.53 yen per dollar versus 140.06 yen per dollar at Thursday’s market close.