The US Dollar Holds Near One-Week High
London: 16 October 2023 (TraderMade): The dollar remains near a one-week high, showing slight weakness, as turmoil in the Middle East continues to boost demand for the safe-haven currency.
Investors are closely watching Federal Reserve Chair Jerome Powell's upcoming speech for clues regarding the US interest rate outlook.
Middle East Conflict Influence
Economists believe the conflict between Israel and Hamas continues to influence financial markets, triggering traditional safe-haven flows. This must be considered alongside the higher-for-longer global monetary policy outlook.
Current status of the US Dollar pairs
Meanwhile, the euro and sterling experienced a slight rebound, trading off one-week lows against the dollar.
The Euro/US Dollar (EURUSD) closed at 1.05222 on Friday, 13 October. Currently, the pair climbed to 1.05293 (Monday, 16 October, at 10:08 AM GMT).
Similarly, the Pound Sterling/ US Dollar (GBPUSD) was at 1.21227 on Friday, 13 October. On Monday, 16 October, the pair slightly gained to reach 1.21457 (10:12 AM GMT).
