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The greenback sagged on Friday amid worries about the U.S. economy

09 Dec,2022
The greenback sagged on Friday amid worries about the U.S. economy

A slip in the U.S. dollar on Friday as worries linger that the world’s largest economy is geared towards slow down, before Fed meeting next week.

The dollar index dipped by 0.1% at 104.688 post earlier drop 0.3% at night.

The dollar index saw this quarter 7% tick down, hitting the biggest quarter retreat since 2010.

The Initial jobless claims nudged up fairly the earlier week, on the other hand the continuing claims edged to the highest level in 10 months, raising alarms that the U.S. economy is on its way to recession.

PPI is due to release later today, with forecasts that it will jump to 0.2% for November and the 7.2% advance on annual rate and 8.0% drop from the previous month.

EUR/USD spiked by 0.1% at 1.0567, where euro took advantage of the greenback sales before the ECB’s meeting scheduled the upcoming week.

GBP/USD bounced by 0.1% at 1.2242, as BOE is supposed to declare its next interest rate hike, with expectations of 50 bp.

USD/JPY sagged 0.2% at 136.38, as yen seized the forecasts that BOJ may terminate its loosened monetary policy amid the highest level in inflation in 40 years.

 

 

 

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