US Dollar Weakens Against Other Major Currencies

The US dollar weakened during Friday's trading against a basket of major currencies, after achieving the best weekly gains this month.

Today's economic data showed that durable goods orders in the United States fell by a sharp 14% in the past month, and the American consumer confidence also dropped this month and as interest rates drop, investors have poured cash into stock markets in recent weeks.

The greenback benefited earlier in the dealings from Europe's pision over the emergency fund to deal with the consequences of the coronavirus (COVID-19).

However, the US dollar is heading for weekly gains, as investors resorted to it as one of the safe havens with the oil price turmoil this week.

The dollar fell against the euro by 0.3% to $1.0805, and also fell against its Japanese currency by about 0.1% to 107.44 yen.

The US dollar fell to a one-year low against the yen at 103.76 last March as fears over coronavirus mounted. The yen is generally considered a safe haven asset that investors typically flock to in times of economic turmoil.

The greenback also feel against the Swiss currency by about 0.2% to 0.9743 francs.

Meantime, The US currency rose against the English pound sterling by about 0.1% to the level of $ 1.2330.

During the same period, the main dollar index, which measures the performance of the green currency against 6 major currencies, fell 0.1% to 100.299, after recording the level of 100.867 earlier in the trading.

With the dollar weakening, investors in the ten years treasury and other bonds sell their dollar-denominated holdings.