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The dollar rebounded on Thursday. What about other currencies?

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The dollar rebounded on Thursday. What about other currencies?


Thursday’s rebound in the U.S. Dollar was a positive sign. What about other currencies?

 

The dollar rallied on Thursday, recovering some of yesterday’s losses as traders assessed mixed U.S. economic data. Sterling fell on the other hand as the U.K. released its latest budget plan.

In recent weeks, the U.S. currency traded in the red. Federal Reserve officials’ comments, along with fresh inflation data, suggested that the central bank might slow the pace of its aggressive interest rate hikes soon. The U.S. Retail Sales data for October showed a stronger result than analysts had expected. This news supported the greenback today.

In response, the dollar index rose by 0.66% to 106.798 against six major currencies. The index has lost more than 6 percent since its September 20-year high. It is still 11% higher this year.

The euro fell by 0.63% against the U.S. dollar on Thursday. After soaring to $1.048 Tuesday, it finally traded hands at $1.033. This is its highest level since July.

Kim Mundy, currency strategist for Commonwealth Bank of Australia, stated that forex markets are well-prepared for the Federal…



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