Dollar heads for weekly loss..Euro up on interest rate hike

Today, Friday, US dollar is heading to record its first weekly decline in four weeks, while the sharp rise in interest rates by the European Central Bank led to gains for the euro, at a time when investors await US inflation data due to be published next week.

According to “Reuters”, the dollar index, which measures the performance of the US currency against six other currencies, fell one percent on the day to 108.400. And it is heading to record a weekly decline of 1.1%

The euro was among the best performing currencies, as it jumped 1.1 percent to its highest level in three weeks at $ 1.01105, a day after the European Central Bank announced an unprecedented hike in the main interest rate by 75 basis points.

Energy ministers in the European Union meet on Friday, seeking to reach an agreement on ways to support citizens in light of the sharp rise in energy prices, and to protect energy facilities from collapse, while Russia gradually stops gas supplies to Europe, in the context of developments related to the invasion of Ukraine. .

The pound rose 1.2% 1.16330, after a modest decline the previous day following the death of Queen Elizabeth. King Charles is scheduled to address the nation later on Friday

The Japanese yen is heading for the best daily jump in a month, as it rose by 1.4% to 142.05 yen to the dollar, after hitting its lowest level in 24 years.

The Australian dollar is also heading for its best daily gain in three months, as it rose 1.8% against the dollar to $0.68730, also moving away from very low levels.