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Finance

US dollar under more pressure recording weekly losses

US dollar

The US dollar came under more pressure and recorded losses during last week, as more financial stimulus are expected.

Despite the losses, the US dollar was stable at the global level. Financial experts say the US dollar is heading towards recording losses of about 0.7%.

Financial data also showed that consumer confidence in the United States fell to its lowest levels during the past six months. At the same time, hopes of financial stimulus are increasing.

US dollar

In turn, House Speaker Nancy Pelosi said lawmakers are seeking to pass the fiscal stimulus package. The package is expected to amount for about $1.9 trillion at the end of February.

The US dollar was stable against the euro, at $1.2125, by 6:10 GMT yesterday evening.

The dollar also gained 0.2% against the Japanese yen, to 104.93 yen, and rose 0.2% against the Swiss franc at 0.8915 francs.

However, the dollar retreated against the Pound sterling by 0.3%, to $ 1.3859.

Index stability

In the same period, the main dollar index settled at 90.40 after hitting the level of 90.70 in earlier trading. The main dollar index measures the performance of the currency against major currencies.

On the other hand, US stock indices, at the end of Friday’s trading, rose at new record levels, achieving weekly gains.

The US stocks also rose strongly since the beginning of February, with optimism for an economic recovery.

The Walt Disney Company made quarterly profits, contrary to analysts’ expectations. The profits coincided with the increase in the number of subscribers to the broadcast service to reach 95 million subscribers.

The Dow Jones industrial index rose by about 0.09%, with the end of trading, to reach the level of 31458.4 points, recording a weekly profit of 1%.

Standard & Poor’s recorded a weekly increase of 1.2%, after rising by 0.5% and recording 3934.8 points.

Nasdaq recorded an increase of about 0.5%, reaching the level of 14095.4 points, achieving weekly gains of 1.7%.

Last December, International Monetary Fund (IMF) said that the global dollar reserves in 2020 declined to 60.4%. However, its reserves in world’s central banks remain the largest.

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