The pound sterling leads the currency market gains, and the euro follows! By Arab Trader

2023-11-06 14:42:00

© Archyde.com The pound sterling leads the currency market gains, and the euro follows!

Arabictrader.com – The list of the most profitable currencies was issued during the opening of the first sessions of the week, today, Monday. It was closely followed by the euro or the single currency, and then came after them, occupying third place, while the list of the highest-profit currencies concluded in fourth and final place.

Below we review the most prominent reasons supporting the most profitable currency movements

The pound sterling is the most profitable currency

In this regard, the pound sterling took first place on the list of currencies with the highest gains during global currency market trading, recording gains of 2.74% against other currencies in circulation, benefiting from the statements of a member of the Bank of England, Hugh Bell, in which he explained that the bank’s decision to temporarily stop raising prices was He expressed that there is a need to maintain some restrictions in the economy, however, he stressed that inflation is still excessively high in the United Kingdom, adding that the Bank of England must work more to reduce inflation, and this in turn strengthened expectations of the possibility that the Bank of England will resume raising interest rates within The coming period, which enhanced the gains of the pound sterling in foreign exchange market transactions.

Or the single European currency, the second currency on the rise

In second place on the list of highest-profitable currencies, the euro achieved gains of 1.75% against other currencies in circulation, supported by European Central Bank member Schnabel’s tough statements regarding raising prices. In this context, she said that the European Central Bank does not rule out the possibility of further increases in interest rates in the future. She pointed out that conflicts in the Middle East may disrupt the process of slowing inflation, as one of the potential sources of new economic shocks, adding that the process of reducing inflation may be more difficult, and this provided support for the European currency or the euro during global currency market transactions.

Swiss is the third most profitable currency

In addition, the Swiss franc occupied third place on the list of the most rising currencies with a gain rate of 0.77% compared to other foreign currencies, as the Swiss franc benefited from the recent statements of the Governor of the Swiss National Bank, Thomas Jordan, who said that the upward risks of inflation had become greater, stressing. However, if inflationary pressures become upward, the Swiss National Bank will not hesitate to tighten monetary policy again, which will contribute to the rise of the Swiss franc against other currencies.

Canadian is the last currency on the most profitable list

In fourth and final place, the Canadian dollar rose against other traded currencies by a small rate of only 0.18%, supported by the rise in prices during today’s trading, especially since Canada is considered one of the largest oil producers in the world, and this means that any developments or decisions that support oil prices will have an impact. Positive repercussions on the trading of the Canadian dollar against its counterparts in other currencies.

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