USD is down from a two-week high on correction and profit taking

By Mohammed Abdelkhalik November 26, 2018, 7:33 pm • Posted in Forex

USD fell on the European market on Monday in the beginning of the week against a basket of global currencies, with the activity of corrective and profit-taking, after USD recorded earlier in the Asian market, the highest level in two weeks, and the US currency is currently under the pressure of uncertainty surrounding the process of lifting Federal interest rates next year.

USD index fell more than 0.2% at 12:22 GMT, trading at 96.64 points, the opening level of 96.84 points, and the highest at 96.92 points, the highest in two weeks, and the lowest at 96.54 points.

USD index gained 0.45% on Friday, its first gain in three days, to reflect the recovery of the US currency against a basket of major and minor currencies.

Over the past week, the index has gained 0.55%, resuming weekly gains that ended the previous week for the first time in five weeks.

In contrast to the correction and profit taking, the US currency is currently under increasing uncertainty over the path of raising federal interest rates next year, especially in light of the prospects that the world’s largest economy will falter and US inflation will slow.

The US currency is also pressuring the euro to buy more of its common currency, especially after EU leaders agreed to the final agreement on Britain’s separation from the European Union in March 2019.

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