2024-01-02 14:20:00
© Archyde.com. The US dollar accounts for the majority of major currencies’ gains
Arabictrader.com – The American topped the list of the highest-profitable currencies, at the opening of the first sessions of the New Year 2024, today, Tuesday; With a strong increase of 4.00% once morest the other seven currencies in circulation, supported by the rise in US bond yields during trading.
In this context, US 10-year bond yields recorded an increase of % and reached a point level, as well as; US 20-year bond yields rose by % and recorded regarding a point, and in addition; US 30-year bond yields recorded an increase of % and stabilized near the level of approximately one point, and this reinforced the gains of the US dollar on the sidelines of global currency market transactions.
Also, Makaseb ranked second on the list of most profitable currencies, recording gains of 2.32% once morest other foreign currencies. Benefiting from the recovery in risk appetite at the trading level, in the absence of important economic data, but the recovery in risk appetite has strengthened the demand for the Australian dollar as it is one of the commodity currencies for which demand increases in conjunction with the improvement in market appetite.
The Australian dollar also received support during today’s transactions, which contributed to its gaining second place once morest other currencies, as a result of some positive economic data issued today in China, especially since China is considered Australia’s largest trading partner. Any positive developments that occur in Chinese economic growth will be negative. It also increases the attractiveness of the Australian dollar.
In this regard; The Purchasing Managers’ Index for the service sector in China recorded a growth of regarding 50.8 points last December, higher than market expectations that indicated a growth of 50.4 points, which contributed to the high gains of the Australian dollar during foreign exchange market trading.
And in third place on the list of the highest profitable currencies; The Canadian dollar achieved clear gains of up to 1.96% once morest other foreign currencies in circulation, as the Canadian dollar witnessed an increase during global currency market trading, supported by a rise on the margins of the first year’s trading today, especially since Canada is considered one of the largest exporters of crude oil in the world, which means Any positive developments that occur in oil prices will also have positive repercussions on the performance of the Canadian dollar in the global currency market.
As for the fourth and final place, it achieved an increase of regarding 0.04% once morest other major global currencies, in light of the absence of important economic data supporting the rise of the pound sterling, with the markets awaiting the release of the PMI construction index data in the United Kingdom, which is scheduled to be issued later this week. , which may have an impact on the future movements of the sterling pound.
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