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USD is on course for the largest weekly rise since February

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The US Dollar edged upward on Friday and was on track for its largest weekly gain since February.


Elsewhere the Euro made a slight fall against the greenback at $1.091, after dropping to its lowest since 11th April on Thursday at $1.09.


According to analysts, the Dollar could have benefitted from its safe-haven investment status this week, with the US debt ceiling standoff and further worries over banks heightening investor concern.


Indeed, shares in PacWest plummeted 23% on Thursday following a steep fall in deposits. In addition, they said the Dollar was likely rallying following a bout of weakness, Reuters news agency reports.


"We are entering a more defensive state generally," said Carl Hammer, chief strategist at European bank SEB.


There was a slight increase in the Dollar index on Friday at 102.11, on course for a weekly gain of 0.84%.


That said, the trend for the Dollar was still down. Since reaching a two-decade high last year, the greenback has declined more than 11% and has fallen in seven out of the nine past weeks, the Reuters report adds.


In addition, the Sterling increased 0.06% on Friday to $1.252 after dropping 0.9%. The Bank of England hiked rates by a quarter percentage point on Thursday to 4.5%. Data published on Friday revealed the UK economy grew 0.1% in Q1.


Furthermore, the Dollar gained 0.13% against the Japanese Yen to 134.72 on Friday.


Chief currency strategist at RBC Capital Markets, Adam Cole, is not in agreement with the view that the Dollar will likely continue to decline.


"We're not convinced that this is a sustainable trend yet. We'll have periods when the Dollar does well and the Dollar does badly."


Elsewhere, in New Zealand, the Dollar dropped 0.83% to $0.624, as data showed a forecast easing of inflation over the coming two years.


 

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Mauritius,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.