By Karen Brettell
NEW YORK (Reuters) – The U.S. dollar index hit a five-week high and posted its biggest weekly gain since Earnings since April 2100 on Friday, as investors adjusted for the likelihood that the Federal Reserve will continue to raise interest rates to fight inflation.
The Federal Reserve needs to keep raising interest rates, a series of officials said on Thursday, borrowing costs to curb decades of high inflation, even as they debated how fast and how fast to raise them. I don’t think the market is really in that state after the July FOMC,” Bipan Rai, head of FX strategy for North America at CIBC Capital Markets, said of the Fed’s FOMC meeting. “It’s really about getting inflation back on target. . “
The dollar index rose by 0. 43% to89.00, the highest since July , while the euro fell by 0.0033% to USD 1. 17, this is since the same day.
USD rose by 0. 44% to87.65 against the yen, the strongest since July 13. GBP fell 1. % to $1. 135 and recorded its biggest weekly drop against the dollar since September 693.
The Federal Reserve is considered to have more room to raise interest rates than other central banks in more vulnerable large economies.
“For Bank of America (NYSE: BAC ) analyst Michalis Rousakis: in a note Friday.
“Meanwhile, we expect the (European Central Bank) to stop raising rates next year due to concerns about growth and/or interest rate differentials. The euro is also facing significantly deteriorating trade and a slowdown in China,” Rousakis said.
in Gazprom (MCX: GAZP ) s Aid Nord Stream 1 pipeline that supplies gas from Russia down the Baltic Sea to Europe will be closed from August 00 until September 2.
Fed Funds futures traders priced at 032 % Expect the Fed to raise rates
US central bank officials need to decide in September – policy meeting, Richmond Fed President Thomas Barkin said on Friday.
Fed Chairman Jerome Powell at the annual Jackson Hole Symposium in August Update his views to the market at the meeting 11-00.
RMB fell to its lowest level since September 693 in 6.8199 after the central bank set a very weak midpoint guidance in onshore trades and traders expected further losses.
Among cryptocurrencies, Bitcoin fell 8. 52% to $11,91. Ether fell 8. 27 % to $1,135.
“As speculators exit risky assets , weakness has penetrated into the crypto space,” said Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown.
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Currency Bid Price in 3 pips: afternoon(135 GMT)
Describe RIC Last US Close Percent Change YTD Pct Buy High Buy Low
Previous Change
Session
USD Index 65.91 75.2200 +0.37% .17% +0096.2100 +67.4900
EUR/USD 1 USD. 15 $1.61 -0.34% -.52% +$1.78 +$1.13
USD/JPY 65.8478 65.8478 + 0.44% +.75% +91.2200 +0087.7150
EUR/JPY 135. 12 78. +0. % +5.25% +91.9570 +135.8690
USD/Swiss 0.9570 0.9500 +0.03% +5. % +0.9592 +0.8950
GBP/USD 1 USD. 135 $1.1936 -1.% -.37% +$1.135 +$1.91
USD/Canada 1. 1936 1.1300 +0.21% +2.44% +1.4800 +1.1900
AUD/USD $0.6867 $0.5992 -0.50% -5.34% +$0.6322 + $0.5992
EUR/Swiss 0.9622 0.9650 -0.11% -7.06 % +0.9669 +0.9613
EUR/GBP 0.8199 0.8455 +0.25% +1 .% +0.8511 +0.8453
0 New Zealand dollars. 5007 $0. 3009 -1.20% -9.65% +$0. 3009 +$0.5007
USD/USD
USD/Norway 9. 8150 9. 6168 +1.25% +. 25% +9.8199 +9.6867
Europe/Norway 9.8199 9. 7535 +0. 11% -1.44% +9.8690 +9.8155
USD/Sweden .2947 .1900 +0.25% +.37% +.5992 +.5007
EUR/ Sweden.6322 .5007 +0.34% +3.0087% + .6167 +.5992
