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Foreign exchange market: currencies move in mixed numbers

04/08/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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At the end of this week, the dollar moved away from its highest level in four weeks, the Aussie rebounded, the pound rose slightly, and the yen remained close to the middle of its range this week.

While investors await the employment report that could influence the trajectory of U.S. interest rates, the dollar has moved away from its highest level in four weeks.

Aussie has been falling since mid-July due to falling commodity prices and the slow recovery of Australia's main trading partner, China, after three years of pandemic-related restrictions.

For its part, after recovering losses suffered following the Bank of England's decision to raise rates by a quarter point on Thursday, the pound rose slightly. The pound rose 0.17% to $1.27305, after falling to $1.2620 on Thursday for the first time since June 30 after the BoE decision

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As far as the yen is concerned, it has remained close to the middle of its range this week. Traders are trying to assess the Bank of Japan's tolerance for higher returns after last week's surprise policy change

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In addition, the euro rose by 0.06% to $1.09585.

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