2023-11-17 14:43:00
© Archyde.com. The US dollar leads the currency market losses, and the euro follows it!
Arabictrader.com – The American suffered the strongest losses at the opening of the major American currency market session, affected by a group of negative economic data that reinforced the downward trend of the country against other major currencies, as official data revealed an increase in American subsidy requests last week, worse than market expectations, which is This fueled market fears about the detrimental conditions in the US labor market, which may prompt the US Federal Reserve to fix the rate at its next December meeting.
This coincided with the US contraction in October for the first time in three months, which indicates damage to the country’s industrial sector, and its strong negative repercussions on economic growth with the largest economic power in the world, and this, in turn, reinforced the dollar’s losses against other major currencies.
Next to the green currency, the losses of the rest of the major currencies were as follows:
euro
The euro fell clearly during currency market trading due to a clear slowdown in inflation in the euro zone last October, especially core inflation, according to what the final European inflation data showed earlier today, which may reduce pressure on the European Central Bank to continue the monetary tightening cycle. During its upcoming meetings, which negatively affected the consolidated movements in currency market trading today.
The losses of the pound sterling came at the opening of the American session, driven by negative British data last October, where retail sales contracted by about 0.3%, contrary to currency market expectations, which suggested that retail sales would grow by about 0.5%, which indicates damage to demand in Britain and its negative repercussions on growth. British economist.
The Swiss franc suffered strong losses in currency market trading today, amid the absence of economic factors and developments affecting the franc’s performance against other major currencies.
The New Zealand dollar was severely damaged during currency market transactions as a result of the weak appetite for risk that prevailed in the currency markets today, and in light of the absence of economic developments affecting the movements of the New Zealand dollar.
The Canadian dollar concluded the list of currencies with the most losses, as market concerns about the future of Canadian economic growth contributed to enhancing the currency’s decline against its counterparts in other major currencies, as a result of a decline in prices of more than 5% at the end of trading yesterday, Thursday, which cast a negative shadow on economic activity in Canada, as the country is considered one of the largest exporters of crude oil in the world, so the Canadian dollar declined significantly in currency market trading.
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