Dollar exchange rate against world currencies is getting cheaper as part of the correction, remaining at the achieved records
The dollar fell against world currencies on Friday morning in a corrective decline, but remained near record levels for almost 20 years. Markets are waiting for U.S. unemployment statistics, according to trading data. Will the dollar weaken against the euro going forward?
Dollar exchange rate against world currencies
The euro rose to $0.9965 against the dollar from a close of $0.9944. The dollar-yen exchange rate rose to 140.34 yen from 140.2 yen, which was above 140 yen for the first time since 1998. And the dollar index (the exchange rate against a basket of currencies of six U.S. trading partners) was down 0.12%, to 109.56 points, with the index approaching 110 points a day earlier, the highest since June 2002.
On Thursday, the dollar was strongly supported and rose against world currencies to nearly twenty-year highs. This dynamic, especially for the dollar-yen exchange rate, was due to expectations that the U.S. Federal Reserve (Fed) will continue to keep rates high to rein in inflation. According to the CME Group, 74% of analysts expect a rate hike in September — again by 0.75 percentage points, to 3-3.25% per year. Meanwhile, the Bank of Japan continues to pursue a soft monetary policy, having left the rate at negative levels in July.
Later in the trading the markets are waiting for the publication of the data on unemployment in the USA in August. Analysts believe the nation’s unemployment rate held steady at the July level of 3.5% and nonfarm payrolls rose by 300,000 jobs after increasing by 528,000. The statistics are one of the most important indicators for the Fed when deciding on a key rate.
Analysts admit that strong macro statistics may eventually encourage the U.S. central bank to keep raising rates next year as well, which will affect the dollar rate money changer.
Earlier we reported that Gold price continues to decline on expectations of hawkish moves from the U.S. Federal Reserve.
ITB (International Trading Brachium) Broker Announced Its YouTube channel
(Mahe, Seychelles-March 08, 2023) – ITB BROKER, LLC, an international forex broker, has announced that with our community growing, we believe that this will be the most effective medium to communicate with and so, we’re proud to announce the launch of ITB YouTube channel .
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- Over the next few weeks, we will be launching interesting videos on upcoming ITB features, bonuses, partnership or IB announcements and financial market expert interviews.
- YouTube is a great place to pick up forex trading tips and learn how to use them in the real world.
There are a number of YouTubers that make great educational videos, perfect for beginners or those considering taking up forex trading. ITB group with over 10 years of financial experience provides you with useful tips and hints of forex trading via its YouTube channel.
ITB Broker or ITBFX is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services.
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U.S. budget deficit totaled $262 billion in February
According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.
Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.
According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.
Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.
The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.
Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.
The EU has agreed to reduce energy consumption by 11.7% by 2030
The European Union has agreed to reduce the bloc’s energy consumption by 11.7 percent by 2030, Reuters reported.
“This will mean a real change in favor of the climate and to the detriment of Putin,” the Danish Niels Fulsang, the European Parliament’s lead negotiator, told the agency.
Initially, in 2021, the EU proposed to reduce consumption by 9%, but in May 2022, against the background of events in Ukraine, increased the target to 13% to quickly abandon Russian energy, writes Forbes. The European Parliament considered it necessary to reduce consumption by 14%. The DAX Index also had problems.
Some EU countries have continued to insist on a 9% cut. An all-night negotiation between the EU and the European Parliament resulted in a compromise: the energy consumption of EU end-users, such as households and businesses, must be 11.7 percent lower than expected in 2030.
The agreement must pass final approval by the European Parliament and EU countries before it can become legally binding.
Earlier, we reported that consumers expect lower inflation in the eurozone, higher wages.
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