The U.S. dollar continued its upward trend with the U.S. dollar index closing at 106.26, which is its highest level since November 2023. The index measures the strength of the dollar against six peers. The peer currencies include the Euro, the Japanese yen, the Canadian dollar, the British pound, the Swiss franc, and the Swedish krona.
Tag: foreign exchange
Nissan Leads $2.5 Billion Investment to Build Two More EVs in UK (Macro News for November 25, 2023 – December 1, 2023)
Nissan announced it would spend about $1.4 billion on a manufacturing plant located in the United Kingdom. The plant will build two Nissan electric vehicle (EV) models and will be a major boost to Britain's economy. The UK will build the necessary infrastructure to support the plant and Nissan will build another battery plant after the manufacturing facility is up and running. The total investment will be approximately $2.5 billion.
How Will the Federal Reserve’s Rate Hike Pause Affect the Dollar? (Macro News for June 17, 2023 – June 23, 2023)
The Federal Reserve left interest rates unchanged at the June 2023 meeting after hiking rates at the previous 10 meetings. The purpose of the interest rate hikes was to slow inflation, but one side effect was to push the U.S. dollar higher relative to other currencies. Now some experts wonder if the pause will cause the dollar to weaken.
Ruble Hits 8-Month Low Against Dollar, As Falling Oil Prices and Sanctions Bite (Macro News for December 31, 2022 – January 6, 2023)
The Russian ruble plunged 18% in December 2022 relative to the U.S. dollar. The current exchange rate is 72 rubles to $1. Prior to December, the ruble was fairly stable after losing about 50% of its pre-Ukraine invasion value in the first few weeks of the war. However, the stability over the past year was due to Russian central bank efforts to halt the ruble's decline.
Pearson Economic News 