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The greenback ticked up but on course for weekly loss

By Rana Gharib
15 Dec,2023
The greenback ticked up but on course for weekly loss

Dollar spiked on Friday, but it was still headed for its largest weekly fall since July, following Fed’s announcement for interest rate cuts meanwhile ECB continued its hawkish stance.

The dollar index that gauges the greenback versus its major pairs added 0.1% at 101.702, close to 4-month low at 101.459 touched previously.

In order to fight inflation, BOE and ECB stated on Thursday that they intended to maintain their hawkish stance in 2024.

EUR/USD slumped by 0.3% to 1.0953, the German business activity was reported to have declined in December, according to PMI data, raising the possibility of a recession in the largest economy in Europe. This put the currency barely below 1.1009, the two-week high it reached on Thursday.

GBP/USD slumped by 0.2% to 1.2747, following an advance by 1.1% touching the highest level in four months on Thursday post BOE announced to maintain its hawkish stance.

USD/JPY slipped by 0.1% to 141.75, the Japanese yen steadily hovered around a four-month high in relation to the dollar after recently strengthening significantly versus the US dollar.

 

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