The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs report as traders awaited testimony from Federal Reserve Chair Jerome Powell for clues on the path of interest rates, Reuters reported. The euro held its ground after Monday's sharp swings...
Pause, hike, cut: Central banks diverge over regional challenges
The Bank of Japan (BoJ) has gone against the grain set by the Fed and ECB, announcing on Friday that it would maintain its long-standing, ultra-loose monetary policy as it looks to boost economic growth. Officials left the bank's negative interest rate in place, pushing down the value of the...
Dollar could gain as markets anticipate a Fed rate hike: expert
Dubai, UAE - The US dollar could record some gains as markets increasingly see a higher probability that the Federal Reserve will raise interest rates one more time at their next meeting, Wael Makarem, Senior Market Strategist, MENA at Exness said on Monday. The constant surprises in US economic data...
Economic crisis, Ukraine war impact Arab currencies
The currencies of six Arab nations faced significant decline during the first quarter of 2023 amidst global economic uncertainty, while another six experienced growth.
Egypt’s foreign reserves rise $128m in February
Cairo, Egypt - Egypt’s foreign exchange reserves rose $127.9 million by the end of February to $34.352 billion, compared to $34.224 billion by the end of January, according to the Central Bank of Egypt (CBE). Foreign currencies in Egypt’s foreign reserves include the US dollar, euro, Australian dollar, Japanese yen...
US companies struggle with rising dollar
The rapid rise of the US dollar since the start of the year is a double-edged sword for American multinational companies, pushing some of them to decide whether to hedge or reposition their activities abroad to avoid fallout. And they also lose money when converting foreign revenue back into dollars.
Bitcoin no threat to dollar, global economy
Despite being the future of money, Bitcoin cannot be the dollar of future because the US dollar is a fiat currency, created and supported by the US government.
