Forex News

Dollar recovers losses after strongest collapse

2023.02.03 02:19

Dollar recovers losses after strongest collapse
Dollar recovers losses after strongest collapse

Dollar recovers losses after strongest collapse

By Ray Johnson

Budrigannews.com – The dollar strengthened on Friday in anticipation of additional clues regarding the U.S. economy from nonfarm payrolls data, and markets reduced bets on an imminent pause in the Federal Reserve’s rate hike cycle. The majority of Asian currencies were weaker on Friday.

Even though a private survey revealed that the country’s massive roared back in January from a four-month lull following the relaxation of the majority of anti-COVID measures, the fell by 0.2%.

However, earlier this week’s data presented a mixed picture of the, which may delay a more substantial economic recovery this year.

The majority of currencies that were exposed to China also sank. The fell by 0.2% and by 0.3%, respectively.

A rebound in the dollar, which rose sharply overnight following strong weekly readings, put pressure on regional units as well. Concerns that a strong jobs market could keep inflation higher for longer, necessitating additional interest rate increases by the, were heightened by the data.

Now that January data have been released, markets are waiting for more clues about the US job market. After a 0.5% rebound, the and were expected to finish the week unchanged.

After their respective central banks hinted at a potential pause in their rate hike cycles this year, the dollar was also supported against a basket of currencies by weakness in and.

Traders bet that a potential U.S. recession this year could prompt the Fed to cut rates by the end of 2023, which would result in a strong performance for the majority of Asian currencies this week. However, the central bank did not provide such an indication and instead increased interest rates and stated that it would continue to act against

After data showed that the country’s growth in January was slightly slower than expected, the gained 0.1 percent on Friday. The reading came after data showed that the Japanese were still falling.

The sank 0.2% due to weaker-than-expected results. After the government unveiled its budget for 2023, the currency was also one of the worst performers in Asia this week, falling by 0.9% due to concerns about stretched fiscal spending.

More indications of sluggish economic growth in the nation led to a 0.2% decline in the Antipodean currency, which may prompt the Reserve Bank to reduce its hawkish stance.

More:

Dollar falling at incredible rate after Fed’s comments

Lebanese currency has halved on one-time basis

Dollar recovers losses after strongest collapse

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 95,941.71 0.34%
ethereum
Ethereum (ETH) $ 3,484.81 4.79%
tether
Tether (USDT) $ 1.00 0.11%
solana
Solana (SOL) $ 242.32 2.63%
bnb
BNB (BNB) $ 648.57 0.46%
xrp
XRP (XRP) $ 1.47 8.25%
dogecoin
Dogecoin (DOGE) $ 0.404526 2.66%
usd-coin
USDC (USDC) $ 1.00 0.13%
cardano
Cardano (ADA) $ 1.00 2.03%
staked-ether
Lido Staked Ether (STETH) $ 3,480.19 4.61%
avalanche-2
Avalanche (AVAX) $ 42.06 5.30%
tron
TRON (TRX) $ 0.199022 3.07%
the-open-network
Toncoin (TON) $ 6.14 0.63%
stellar
Stellar (XLM) $ 0.516824 5.01%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 3.48%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,111.50 4.53%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,457.58 0.55%
polkadot
Polkadot (DOT) $ 8.53 0.92%
chainlink
Chainlink (LINK) $ 18.09 7.19%
weth
WETH (WETH) $ 3,481.13 4.70%
bitcoin-cash
Bitcoin Cash (BCH) $ 507.43 1.00%
sui
Sui (SUI) $ 3.20 3.42%
pepe
Pepe (PEPE) $ 0.000019 1.40%
near
NEAR Protocol (NEAR) $ 6.65 3.26%
leo-token
LEO Token (LEO) $ 8.33 0.91%
litecoin
Litecoin (LTC) $ 95.64 0.30%
uniswap
Uniswap (UNI) $ 11.69 12.11%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,670.56 4.92%
aptos
Aptos (APT) $ 12.17 1.88%
internet-computer
Internet Computer (ICP) $ 11.77 7.01%
usds
USDS (USDS) $ 1.00 0.32%
hedera-hashgraph
Hedera (HBAR) $ 0.137767 2.67%
crypto-com-chain
Cronos (CRO) $ 0.184788 0.23%
ethereum-classic
Ethereum Classic (ETC) $ 31.34 12.77%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.575321 6.33%
render-token
Render (RENDER) $ 7.84 4.43%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.10%
bittensor
Bittensor (TAO) $ 523.64 3.88%
kaspa
Kaspa (KAS) $ 0.151231 0.89%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.45 1.61%
arbitrum
Arbitrum (ARB) $ 0.921656 11.94%
dai
Dai (DAI) $ 1.00 0.12%
whitebit
WhiteBIT Coin (WBT) $ 24.13 0.41%
celestia
Celestia (TIA) $ 8.12 2.61%
vechain
VeChain (VET) $ 0.041866 3.05%
filecoin
Filecoin (FIL) $ 5.65 3.06%
bonk
Bonk (BONK) $ 0.000045 0.91%
blockstack
Stacks (STX) $ 2.16 10.98%
okb
OKB (OKB) $ 53.74 1.63%
dogwifcoin
dogwifhat (WIF) $ 3.22 3.39%