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The dollar falls as investors lose interest in Ukraine

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News Tech: The dollar eased slightly on Friday but remained poised for a sixth straight week of gains as investors remained concerned about a potential global growth slowdown and Federal Reserve policy putting the United States into a recession. recession. High inflation and the Fed’s path to rate hikes raise concerns about a policy lapse that could trigger a recession or a stalled inflation scenario with slowing growth and high prices. This week’s results show signs that inflation is starting to fall, albeit at a slow pace.

“Stocks are worried about US growth this year, Europe looks less risky to say the least, and China is adamant on this massively advocated COVID policy. dollar in the role its traditional security”. Investors sought safe havens amid concerns about the Fed’s ability to reduce inflation without triggering a recession, as well as worries about slowing growth caused by the Ukraine crisis and its effects. economic dynamics of China’s COVID-19 zero policy. The dollar index fell 0.115% to 104.640 against a basket of major currencies after touching 105.01, its highest level since December 2002.

The dollar showed little reaction on Friday to data showing US import prices surprisingly flat in April as lower oil costs offset gains in food and commodities. another sign that inflation may have peaked. Other data from the University of Michigan showed preliminary results on consumer sentiment in early May fell to their lowest level since August 2011 as inflation concerns persist. “Overall, we are still looking at a market panicking in about 16 different directions,” said Joseph Trevisani, principal analyst at FXStreet.com.

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The US currency is having its sixth straight, bullish week. longest of the year and increase by more than 9% for 2022. Fed Chairman Jerome Powell said late on Thursday that his fight to control inflation “will include some pain” as the impact of rising interest rates will be felt, but the worst outcome will be prices continue to rise. The euro rose 0.14% to $1.0394, reversing after falling to 1.0348, its lowest level since January 3, 2017.

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