trending world oil prices To record the second weekly increase if it continued its gains today, Friday, while the dollar is witnessing a declining performance, unlike the single European currency, and it recorded Japanese stocks The biggest weekly jump in more than two months.
In the details, oil prices rose slightly today, continuing their gains for the second session in a row, supported by strong US economic data and mounting hopes for a recovery in demand, after reopening. Chinese economy. The price of a barrel of Brent crude futures rose 30 cents, or 0.3%, to $87.66, while West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $81.22. The two benchmarks rose more than 1% yesterday, Thursday, while Brent is heading towards recording a second weekly increase if the gains continue.
GDP data is improving and contributesinflation in the United States In resuscitation hopes slow down Federal Reserve (central bank) pace raise interest rates, which reduces the fear of shrinking economic activity, and the consequent demand for oil. The measures to ease the restrictions imposed in connection with the Corona pandemic in China this month also reinforce expectations of a recovery in oil demand.
In the currency market, the dollar fell against Japanese Yen Friday, with traders betting that the Bank of Japan’s monetary tightening is still imminent. The dollar also fell to near a 9-month low against the euro, amid market expectations that European Central Bank Next week, he will announce a rate hike of up to twice the US central bank rate.
The dollar fell 0.43% to 129.65 yen in early transactions, after data revealed that consumer price inflation in Japan accelerated to close to a 42-year high this month, piling pressure on the Bank of Japan to move away from stimulus. During the week, the dollar stabilized against the yen after fluctuating between losses and gains.
On the contrary, the euro is heading towards an increase of 0.4% since last Friday, in the third consecutive week of gains. It rose 0.07% to $1.08975 during the day.
The dollar index, which measures the performance of the US currency against 6 major currencies, including the euro, the yen, and the pound sterling, declined by 0.04% to 101.7, to become on track to decline by 0.28% during the week. This will be its third consecutive weekly decline.
The British pound is heading towards recording a third weekly rise against the dollar, rising 0.1%. Today, Friday, it settled at $1.2411. The risk-sensitive Australian dollar rose 0.11% to $0.71225, approaching its highest level in 7 months, which it reached yesterday, Thursday, at $0.71425. During the week, the Australian dollar rose 2.17%, and is on track to achieve the highest weekly increase since the beginning of November.
In Moscow, the Russian ruble stabilized above 69 against the dollar on Friday, affected by geopolitical tension, as the United States increased pressure on Russia. At 07:34 GMT, the ruble was 0.1% weaker against the dollar at 69.33, and rose 0.1% to trade at 75.35 against the euro. It also rose 0.3% against the yuan, to 10.24.
In stock markets, the Japanese Nikkei index recorded today, the largest weekly jump in more than two months, with the index compensating for all its losses since the sudden adjustment announced by the Bank of Japan to one of its policies last month, but caution about local profits limited the gains.
The Nikkei rose 0.07% to end the session at 27,382.56 points, after trading in the negative zone. The index recorded a weekly gain of 3.12%, the largest since the week ending November 11. The index rose 4.94% this month, and has been on an upward trend since the Bank of Japan kept its monetary easing policy unchanged at its meeting last week.
The broader Topix index rose 0.22% to 1982.66 points today, recording a weekly gain of 2.9%.
