2023-11-17T07:01:30+00:00
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/ The dollar is heading towards its largest weekly decline in months against the euro, yen, and Swiss franc, on Friday, as investors sell in anticipation of a cut of about 100 basis points in the US interest rate next year.
The dollar recorded 1.0854 against the euro, and fell 1.6 percent during the week, its largest decline since mid-July. It also fell 1.6 percent during the week to 0.8882 Swiss francs, and fell 0.6 percent against the Japanese yen to 150.53 yen.
Oil fell to its lowest levels in four months on Thursday, and the Walmart chain said it would lower prices, adding to deflationary pressures that data this week showed had contributed to stabilizing US consumer prices and convinced investors that inflation was falling and that raising interest rates had ended.
The British pound rose 1.5 percent this week to $1.2410. The Australian and New Zealand dollars lost some strength on Thursday, after indications of a slowdown in the US economy that negatively affected commodity prices, but they are on their way to recording weekly gains.
Movements in Asian transactions on Friday were limited, and the Australian dollar traded for $0.6466, up 1.7 percent during the week, while the New Zealand dollar recorded $0.5960, up 1.2 percent during the week.
The Chinese yuan rose to 7.2447 against the dollar and is expected to record its best weekly performance in two months, and was traded near the highest level in three months.