Super dollar insists on rising, but sterling and euro fall for fear of recession

Super dollar insists on rising, but sterling and euro fall for fear of recession

For his part, the The euro fell 0.78% to $0.9759, the lowest level since October 2020After the S&P Global Eurozone Composite Purchasing Managers’ Index (PMI), which is considered a good indicator of overall economic health, it continued to decline in September. The slowdown in German business activity deepened as rising energy costs hit Europe’s largest economy and companies saw a drop in new business.

George VeseA currency analyst at Western Union International Bank said the euro zone data highlighted “ongoing concerns about the energy crisis and recession,” pushing the euro to a 20-year low.

The fairy come down 1.32% a St. 1,1113 dollars and new toys 37 years minimumAfter PMI figures showed that the slowdown in the British economy deepened this month as companies battled rising costs and weak demand. Energy also played a major role in this, which is why the government chose to freeze gas and electricity prices for companies for a period of six months. It is also seeking to stimulate domestic energy production by eliminating taxes on fracking, in an effort to stimulate supply. 60 thousand million pounds will be allocated to subsidize gas and electricity prices for homes and companies.

Thursday , The Bank of England raised interest rates by 50 basis points To deal with inflation, however, like previous interest rate increases in recent months, The measure did not work to support the poundoverwhelmed by concerns about the economy.

The and in hostel 0.33%until 142.86 Units per dollar, after rising more than 1% on Thursday, on news of Japan buying the yen to defend the volatile currency. was around first intervention The central bank of that country has been in the market since 1998.

READ ALSO :   What happened to Peloton Chief Marketing Officer Dara Traceder and the public health industry in general?

It will be posted on Friday Purchasing Managers Index September in the US, which will provide a good overview of the global outlook.

rise of The rates applied in the world generate some reserves: While some managers European Central Bank Fearing that the rate level will enter the β€œrestrictive terrain,” some companies have also indicated that central banks are not taking into account the damage that a significant rate hike would entail. On the other hand, the The labor market in the United States It showed a break in recovery for the first time in 5 weeks and saw an increase in new claims for unemployment insurance compared to the previous week. The strength of the recovery in the labor market is usually taken as a good sign of continuity in monetary policy.

Newsletter Updates

Enter your email address below to subscribe to our newsletter