Weekly forex Financial News
This past week we were witnessing a US dollar coin shortage as a result of reduced spending and supply. Along with that, the dollar itself was weakening due to low interest rates, increased government spending, and the overall economic decline.
The dollar’s fall represented a double-edged sword for the US economy, making the imported goods more expensive for national consumers, but adding to the competitiveness of domestic exports abroad, and thus boosting multinational US firms’ profits.
After the US administration combination move against the Chinese Communist Party, banning TikTok and WeChat, as well as sanctioning Hong Kong and Chinese officials. And Microsoft looking to take over tiktok lets see how that goes
Among the 8 major currencies this week dollar ended as the third-worst performing one followed by sterling and New Zealand dollar. The Canadian dollar was the second strongest and Australian dollar the strongest. Let’s see if the dollar remain on the recovery road.