The dollar headed for a loss for the fourth week in a row as it weakened, recording its lowest levels in several years against other major currencies.<\/p>\n\n\n\n
The pound ended a series of gains that lasted for five weeks after the leaders of Britain and the European Union remained at odds over a trade agreement beyond Britain secedes from the bloc.<\/p>\n\n\n\n
The US currency is stuck near its lowest level in two and a half years against a basket of currencies, as investors are betting on better returns than other currencies as the recovery from the pandemic takes hold.<\/p>\n\n\n\n
Today, commodity linked currencies led the activity. The iron ore price increase lifted the Australian dollar to its highest level in two and a half years at $ 0.7572 and pushed it to a weekly gain of 1.8 percent.<\/p>\n\n\n\n
The nine-month peak of oil prices pushed the Canadian dollar to its highest level since 2018 and the New Zealand dollar rose 71 cents to $ 0.7112, which is also its strongest since 2018.<\/p>\n\n\n\n
The Australian dollar also jumped against other currencies to new heights, as it rose to its highest level in a year and a half against the yen, a six-month high against the euro, and a three-month high against the yuan and a three-week high against the New Zealand dollar.<\/p>\n\n\n\n
The euro rose against the dollar to $1.2160 after the European Central Bank meeting did not produce a surprise on Thursday, and European Union leaders reached a settlement with Poland and Hungary regarding a financial package to help the economy recover from the Coronavirus pandemic.<\/p>\n\n\n\n
The single currency rose 15% from its lowest level in three years at the height of market panic in March and added about 2% in two weeks since it finally broke the $1.20 level after several attempts.<\/p>\n\n\n\n
The pound was an exception to the rest of the market ahead of a risky weekend, as Britain and the European Union negotiators were told they had until Sunday to decide whether a trade deal could be reached.<\/p>\n\n\n\n
The British currency fell 0.9% this week as British and European leaders expressed doubts about whether they could salvage the deal.<\/p>\n\n\n\n
At $1.3309, the pound is still taking into account an agreement to avoid imposing tariffs and annual trade quotas of about $ 1 trillion from January 1.<\/p>\n","protected":false},"excerpt":{"rendered":"
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