Today, five of the major currencies came to achieve remarkable profits against the other major currencies, with an unprecedented sweep of the US dollar, which was followed by the Canadian dollar with a prominent profit rate, followed by the Swiss franc and the single European currency, and finally the list ended with the Australian dollar, which continued to achieve its profits. .
The profits of the aforementioned five currencies ranged between 1.44% and 5.96% on average, and the following is a more detailed explanation of the reasons for the gains of these currencies in particular in today’s trading:
US dollar sweeps currency market gains
Where the US dollar made the list of the winning currencies today, with huge profit rates, to enhance its profits in light of the increase in demand for it during the current geopolitical tension, until it achieved strong profits of about 5.96% against the other major currencies.
The US dollar also benefited from the expectations of monetary tightening from the US Federal Reserve and raising interest rates, as the US dollar index, which measures the currency’s performance against a basket of other major currencies, is trading at 103.683 points, an increase of approximately 0.67%.
The Canadian dollar ranks second
The New Zealand dollar achieved notable gains for the second day in a row, as it advanced from the fifth to the second place, as it achieved gains of about 2.72% against the other major currencies. While the currency market is awaiting the release of monthly GDP data, tomorrow, Friday, at 12:30 GMT.
The Swiss Franc is making significant profits
The safe haven currency, the Swiss franc, came in third place in the list of gaining currencies for the day, with a significant percentage of profits, as it reaped gains of approximately 1.98% against other major currencies in today’s trading, benefiting from the resort of traders to it at the time of the current economic and political crises.
European single currency gains
The euro came to achieve strong gains, as the euro gains in currency market trading today by about 1.60%, benefiting from expectations that the European Central Bank will raise interest rates, and this monetary tightening supports the euro strongly.
The Australian dollar is the latest winning currency
After it was the first gaining currency yesterday, the Australian dollar came last today in the list of gaining currencies, to continue achieving remarkable profits amounting to about 1.44% against the other major currencies, to end with it the list of gainers today.
The Australian dollar benefited from the release of the quarterly inflation data in Australia this morning, which came very high, which indicates an imminent hike in interest rates by the Australian Reserve, which enhances the strength of the Australian dollar against other currencies.