Forex has made some interesting moves. what has been happening with the world’s most important currencies.
-On Tuesday, the British pound rose in value due to the inauguration of Rishi Sunak as Prime Minister. The market has full confidence in his talent to lead the country, as he has been a successful banker and an outstanding Finance Minister in the past.
-Ahead of Sunak’s inauguration as British Prime Minister, the euro stabilized on Thursday ahead of the European Central Bank’s long-awaited rate hike. Germany entered recession and its economy will contract by 0.6% during the fourth quarter.
-The US dollar also rose, although less than expected. There are signs that the Fed’s rate hikes are preventing the economy from flowing successfully. The dollar index was up 0.16% at 112.04 against the value of the other six major peers.
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