The dollar again recorded losses against a basket of 6 other currencies and is approaching another weekly decline. More about the latest changes in the currency market – told in the material of 24 Kanalu.
Latest changes for the US dollar
On Friday, November 3, the US Dollar Index traded flat 105.92, according to Yahoo!Finance. This indicator is lost since the beginning of the session 0.19%. The range of oscillation is vid 105.92 to 106.22.
Main changes for the US dollar index over the last 12 months:
- The US dollar index reached its peak value at levels 113.15.
- This indicator recorded the weakest positions for a year at levels 99.58, reports CNBC.
What is the US Dollar Index
This is an indicator that fixes the ratio of the dollar to six national currencies of the main trading partners of the USA. We are talking about the Euro, the Japanese Yen, the British Pound, the Canadian Dollar, the Swedish Krona and the Swiss Franc.
What factors does the US dollar react to?
The US dollar is currently showing significant momentum and is on track for a weekly decline against a basket of 6 other currencies. This is because traders believe that the Federal Reserve has, after all, come to the end of the key rate hike cycle. Additionally, risk sentiment on the market is rising, CNBC writes. We will remind you that the head of the American central bank this week hinted at a type of the most aggressive monetary policy in 40 years.
On to topics! This week, the US dollar index may record a decline of 0.4%. In total, in the last 16 weeks, the dollar has depreciated three times.
In addition, they add that the US economy is showing signs of stability. We will remind you that in the third quarter of 2023, the US economy demonstrated the best growth rates for almost two years.