2023-10-01 06:49:14
The US dollar recorded its best quarterly performance in a year during the third quarter of 2023, rising by more than 3%. The green card also achieved its 11th consecutive weekly gain, the longest series of gains in 9 years.
The dollar received a positive boost from expectations that the US economy will remain resilient in the face of interest rate hikes and high oil prices more than other economies.
The Federal Reserve warned at its September meeting that it may implement an additional interest rate hike this year, and may maintain those high levels for a longer period than expected, according to what Agence France-Presse reported.
Despite the dollar’s decline on Friday, analysts believe that the US currency will likely continue its strong performance, and that this decline is a corrective movement.
Over the past week, economic reports showed encouraging data on inflation, which slowed to the lowest level in two years in the euro zone, while data on the US personal consumption expenditures price index revealed its acceleration, but less than expected.
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