On a weekly basis, it is expected to post a 1.11% drop, its biggest drop since December 2020. On Thursday, the dollar fell below its 100-day moving average for the first time since June 2021.
“The dollar’s correction to November’s lows tells us that investors see enormous value in other currencies and that an overly aggressive stance from the Federal Reserve, leading to rising debt returns, threatens to weaken the economy. and lower asset valuations,” said Kenneth Broux, currency strategist at Societe Generale.
Against other currencies, the dollar’s losses were more pronounced against the yen and the yuan, against which it posted drops of 0.4% and 0.3%, respectively.
Meanwhile, the euro is up more than 1% for the week and has broken out of a range it has held since late November, hitting its highest level since Nov. 11 at $1.1483.
Source From: Ambito