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Friday, June 2, 2023
NewsThe rise in dollar prices after 5 consecutive days of losses

The rise in dollar prices after 5 consecutive days of losses


The dollar compensated for the losses it suffered earlier today, Thursday, after hints from the US Federal Reserve (the central bank) that it may soon stop raising interest rates, while the Swiss National Bank and the Bank of England decided to proceed with raising them.

The US central bank raised its key interest rate by 25 basis points, in line with expectations, but softened its rhetoric on the need for "Continuous increases" interest rates using the phrase "Some extra (extras)."according to Reuters.

The dollar index, which measures the performance of the US currency against 6 major currencies, rose 0.078% to 102.510, achieving gains on the first day after 5 consecutive days of losses.

The euro jumped to a 7-week high of $1.0930, before retreating. At the end of the day, it reached $1.08480. The Bank of England raised the cost of borrowing by 25 basis points on Thursday, in line with expectations.

The pound rose 0.13% against the US currency, to reach $1.22845. The dollar fell against the Swiss franc after the Swiss Central Bank’s decision to raise interest rates by 50 basis points, and the last drop was 0.19%, at 0.916 francs.

Copyright © 2023 The Eastern Herald.

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