The Dollar is Falling For The Fourth Consecutive Session

The US dollar fell on Friday for the fourth session in a row, hitting its lowest level in more than two months, as investors took the view that most of the recent tightening tendency from the US central bank was already factored in.

On Friday, the dollar index fell 0.2 percent to 94.62 against a basket of currencies, its lowest level since early November.

On a weekly basis, it is heading down 1.11 percent, its biggest drop since December 2020. On Thursday, it fell below its 100-day moving average for the first time since June 2021.

Against the other major currencies, the dollar’s losses were more noticeable against the Japanese yen and the Chinese yuan, as they fell against them by 0.4 percent and 0.3 percent, respectively.

The euro rose more than one percent since the beginning of the week and exited the range it had been confined to since late November, hitting its highest level since November 11 at $1.1483.

The pound rose despite a political crisis that threatens the survival of Prime Minister Boris Johnson in office, as the pound is heading for its fourth consecutive weekly increase of more than 0.5 percent. And in the latest trading, it reached 1.3730 dollars.

Cryptocurrencies have stabilized after a volatile week, with Bitcoin prices remaining near their lowest in more than three months at just under $42,000.