2023-08-17 13:49:00
© Archyde.com. The US dollar leads the losing currencies at the beginning of the American session
Arabictrader.com – The opening of the American session of the global currency market on Thursday witnessed losses for three of the eight major currencies that are traded in the forex market.
At the top of those losing currencies was the American currency, followed by the second place, followed by the one that incurred the least losses among the three currencies.
The losses of those currencies ranged between 0.54% and 1.21%, and the following are the main reasons that affected the movements of each currency and pushed it to incur these losses.
The US dollar is the biggest currency loser
The US dollar opened the American session of the currency market today with the largest amount of losses among the eight major currencies, as it incurred losses of about 1.21%.
This came after the 10-year record returns rose to their highest levels since last October, which, if exceeded, will record their highest levels since 2008, which reflects the fears of investors in the market and warns of the possibility of a recession in the US economy with a greater inversion of yield curves.
These fears caused the decline of the US dollar, which also incurred significant losses due to the strong rise of the yen, as a pair fell sharply today from its highest levels since last November, with increasing fears of possible intervention by the Bank of Japan in order to support the yen.
The second losing currency
The euro came as the second losing currency at the beginning of today’s trading in the American currency market, as it opened it down by 0.73% against the other currencies.
These losses were driven by the German Chancellor’s statements yesterday regarding the German economy facing difficult conditions and a great deal of uncertainty, which put pressure on the euro today.
The Australian dollar is the least losing currency
The Australian dollar opened the US session today with a loss of about 0.54% against the other major currencies, on the back of the negative data issued this morning in Australia.
The data showed that the Australian economy lost 16.4 thousand jobs, at a time when it was expected that the economy would add 16.4 thousand jobs after the positive data for the previous June reading.
At the same time, the data also showed a higher unemployment rate in the country than market expectations, which increased pressure on the Australian dollar in the currency market and pushed it to incur losses.
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