The US dollar recorded remarkable gains during the currency market trading today, Friday, and it was the most profitable major currency by up to 1.84%, benefiting from some positive developments that clearly strengthened the demand for the US currency, led by optimism about the US Federal Reserve continuing to raise interest after hints by US Federal Reserve members that they They support raising interest rates further to control high inflation.
In this context, a member of the US Federal Reserve, Collins, said yesterday, Thursday, that the Fed must continue to raise interest rates to help reduce high inflation, and therefore, Collins supported raising US interest rates by an additional 25 basis points at the previous meeting instead of the expectations that were indicating The US Federal Reserve stopped raising interest due to the financial crises in the US banking sector, and these statements had a strong role in supporting the dollar’s movements in the currency markets.
And in the second place in the list of the most profitable currencies today, the pound sterling comes with an estimated profit rate of about 1.58%, benefiting from the issuance of some important economic data that reinforced optimism about the strength of the British economy. During the last quarter of last year, while the British economy was expected to stabilize without any growth rate during this period, therefore, this data had a positive impact on the movements of the Sterling against the major currencies.
While the New Zealand dollar came in third place in the list of the most profitable currencies, with an estimated rate of 1.25%, benefiting from the positive economic data in China, which is the strongest trading partner for New Zealand, as the data issued by the National Statistics Office in China on Friday showed that the manufacturing and non-manufacturing sectors inside China continue Providing evidence of expansion in terms of production and demand activities, as the PMI for both sectors in China recorded a positive reading during the month of March, for the third month in a row, which had a clear impact in supporting the New Zealand dollar in the currency market.
And in the last place in the list of winning currencies today comes the euro or the single European currency, with a slight rate of only 0.02%, as the sterling was clearly affected by the issuance of preliminary inflation data, which came without market expectations, as the annual European inflation recorded about 6.9% during the month of March, which is Less than market expectations, which indicated that it recorded 7.1%, and it is below the previous reading, which recorded about 8.5% last February, and this raised concerns about the European Central Bank continuing to raise interest rates and tighten monetary policy during its upcoming meetings, and this was clearly reflected in the euro’s movements against other currencies. .