Major currencies rise as US dollar Sinks
Date
11/21/2023 8:37:04 AM
(MENAFN- Your Mind media ) The US dollar began the week with a relatively weak performance, extending its sell-off from last week and reaching a two-month low. Market expectations continue to lean toward no interest rate hikes in December and a potential rate cut as early as May and weigh on the currency, as inflation eased and treasury yields retreated. Tomorrow's FOMC Meeting minutes could provide further insights into policymakers' thoughts.
The euro and the British pound were both able to maintain their positive trends as the dollar sank. However, both currencies could see some risks in the face of the expectations around the next steps in their respective monetary policies and local economic developments.
The Japanese Yen continued to see a strong performance against the dollar and other currencies. The yen has been recording significant gains for three consecutive trading sessions in a row after a constant decline this year. The Chinese Yuan followed suit and soared to a three-month high against the dollar. Both currencies could see more gains if monetary policies continue to shift, favoring smaller yield spreads with the dollar.
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