Oil increases its losses and Brent crude drops by 2.5%
Oil prices fell during trading on Friday in light of dollar’s rise against most major…
EURUSD rose on Thursday morning in the European session, and the single currency recorded the first daily gain in recovery from its lowest level in three months recorded earlier in trading, and this comes in light of the decline of the US dollar against most major currencies.
The EURUSD pair traded at $1.1828, up more than 0.3% from the opening level of today’s session at $1.1790, and it closed yesterday’s trading, down by 0.3% for the third consecutive day, hitting its lowest level in three months at $1.1781.
US government bonds were on a strong rise, pushing yields to their lowest level in more than four months. The 10-year yield, which moves inversely with its price today, Thursday, fell by about 5%, reaching its lowest level in five months at 1.26%, and similarly, The 30-year yield fell to 1.98%, at its peak this year, the yield rose to 1.77% as investors priced the Fed more hawkish.
The US dollar witnessed a decline against a basket of major currencies in the morning trading in the European market, this comes in light of the improvement in risk appetite among investors and their reluctance to buy the US currency, following the minutes of the Reserve Bank meeting that was issued yesterday.
The dollar index traded at 92.720 points, after rising by 0.1%, retreating slightly from its highest level in three months at 92.844 points recorded last Wednesday.
Yesterday, the Reserve Bank released the details of the minutes of its last meeting, which was held last June, which indicated the possibility of raising interest rates twice in 2023, but did not address the timing of the start of reducing their purchases of bonds, which are the first steps towards tightening monetary policy.
Later in the day, the US economy is expected to release weekly jobless claims. It is reported that last week’s jobless claims fell by 14000 to reach 350000 applications, the lowest level during the Corona Virus pandemic crisis.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Ad / Affiliate Disclosure
At BrokerTrending, we go the extra mile to help global investors make informed decisions – investing an obscene amount of time daily in testing and researching online brokers. But how do we keep running? Our partners show their appreciation by rewarding us with paid advertising, So, we have advertising relationships with some of the firms and products mentioned on this website, and may be compensated though a commission if consumers choose to click these links in our content, with no additional cost to you. However, BrokerTrending provides comprehensive material and information tailored to the best interests of customers, compiled through our specialized professional rank method that ensures unbiased results regardless of partner remunerations.