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The US dollar traded flat close to the lowest level in seven weeks

By Rana Gharib
24 Mar,2023
The US dollar traded flat close to the lowest level in seven weeks

The greenback held steady close to its lowest level in seven weeks on Friday as traders debated that Fed’s upcoming action and banking sector confidence remained shaky.

The dollar index that gauges the greenback versus its major pairs edged up by 102.243 slightly higher than the 101.91 lowest level in seven weeks reached on Thursday.

EUR/USD ticked up by 1.0833, post jumping to the highest level in seven weeks earlier on Thursday.

Christine Lagarde, president of the ECB, is anticipated to reaffirm that the fight against inflation is still ongoing and that there won't be any discussion of easing policy anytime soon.

GBP/USD plunged by 0.1% at 1.2271, post hitting the highest level in seven weeks at 1.2344.

Retail sales in the UK surprisingly increased by 1.2% in February compared to the previous month, bringing volume back to pre-pandemic levels. But, sterling is not being affected by this news much as BOE signaled on Thursday that it may be ending its cycle of rate hikes.

USD/JPY plunged by 0.4% to 130.26.

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