The euro and the US dollar are at the forefront of...


The euro and the US dollar are at the forefront of the winning currencies!
© Reuters. The euro and the US dollar are at the forefront of the winning currencies!

Arabictrader.com – It came at the forefront of the gaining currencies during trading today, Thursday, followed by the US dollar, the New Zealand dollar and the Japanese yen, in conjunction with the markets’ anticipation of the statements of Jerome Powell, the US Federal Reserve, during the Jackson Hole Forum tomorrow, amid expectations to talk about the bank’s future directives. On the other hand, the worst performer was during the day, recording a decline of 1.54%, followed by the Australian and Canadian dollars.

EUR/USD

The euro rose by about 1.16% compared to the major currencies during today’s trading, which puts it at the forefront of the most profitable currencies during the day, following the release of the results of the European Central meeting today, which confirmed the continued provision of strong support for monetary policy. The results of the ECB meeting indicated that monetary policy easing will occur automatically without fundamental changes in future directives.

US dollar DXY

The US dollar rose by 0.62% compared to the other major currencies, ranking second among the best performing currencies during the day. This rise came with the rising expectations of the US Federal Reserve to reduce the asset purchases program soon, in conjunction with the high inflation rates in the United States.

The American, who measures the performance of the currency against a basket of 6 major currencies, managed to surpass the 93 levels again, with the anticipation of the statements of the US Federal Reserve Governor, Jerome Powell, during tomorrow’s trading. Jerome Powell is expected to make comments related to the bank’s future guidance, and how and for how long to reduce asset purchases.

During the day, several Fed members made statements about monetary policy and the state of the US economy. Among them was James Pollard, who stressed the need to complete the asset purchase program reduction during the first quarter of next year.

New Zealand dollar

The New Zealand dollar ranked third among the major currencies that rose the most during the day, recording an increase of about 0.44%, as the impact of positive retail sales data continued during the second quarter, during the period that witnessed an improvement in health conditions in New Zealand, but Corona developments limited this rise after imposing The state of emergency in the country with the emergence of cases of infection with the delta mutator.

The Japanese yen rose by 0.03% during today’s trading, to rank fourth among the most upward currencies, with the decline in risk appetite in the markets in light of the comments of the US Federal Reserve and central bank heads during the Jackson Hole Forum.

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