US dollar index
The US dollar rose against the Japanese yen on Friday and achieved its best weekly performance in three months, after Federal Reserve Chairman Powell and other officials stated that the Fed may have to raise interest rates again. Federal Reserve policymakers, including Powell, stated on Thursday that they are unsure whether interest rates are high enough to achieve and overcome inflation. The market believes that these comments are tough, pushing up bond yields and the US dollar. The US dollar index slightly weakened to 105.81 on Friday. This week, it rose 0.7% and reached its largest weekly increase since the rebound on September 10th.
RMB
The Chinese yuan fell as the US dollar strengthened and the market rose, dropping to a one week low on Friday. Expectations of upcoming monetary easing intensified panic and economic activity in the world's second largest economy. Before the market opened, the People's Bank of China set a median price of 7.1771 per US dollar, which is one point higher than the previous median price of 7.1772. Friday's guidance price is 1192 points higher than the estimated 7.2963 by Reuters. The spot renminbi opened at 7.2850 per US dollar, dropping to a low of 7.2925, its lowest level since November 3rd. By noon, at 7.2923, it was weaker than the closing price of the previous trading day at 83 points. The offshore RMB is at 7.2992 per US dollar.
major currencies
(e.g. EUR, GBP, JPY)
The pound hovered around a week low against the US dollar on Friday, with a weekly decline of 1.2%. The market has digested economic data indicating that the UK economy did not grow in the third quarter, although this was slightly higher than expected. The pound rose slightly to $1.2231 in the middle of the day, with little change compared to before the release of GDP data. The exchange rate of the euro against the pound did not change much on Friday, reaching 87.32 pence.
Commodity currency
(e.g. Australian, New Zealand, Canadian dollars)
The Australian and New Zealand dollars fell for the fifth consecutive trading day on Friday, while US government bond yields soared, putting pressure on the bond market due to global domestic and risk sentiment. Although the policy outlook of the Bank of Australia sounds tough, as investors, there is almost no support for the Australian dollar, and they still believe that the possibility of an actual interest rate hike is very low, and it will be as early as February next year. This caused the Australian dollar to fall to $0.6363 against the US dollar, down 2.4% this week. Almost reversed the gains made last week due to the pressure on the US dollar and threatened the support level around $0.6350. The New Zealand dollar fell 1.8% this week to $0.5893, putting it uncomfortably close to the support level of $0.5860.
gold
Gold prices fell on Friday, driven by a cooling of safe haven demand and hawkish hints from Federal Reserve Chairman Powell. At the same time, the decline in palladium used in automotive chemotactic devices has widened, and this week will usher in its worst performance in more than 15 months. With the widespread adoption of electric vehicles, automakers are switching to cheaper platinum. Spot gold fell 0.7% to $1944.10 per ounce, the lowest level since October 18th. US gold futures fell 1% to $1950.00
