Review of major currencies on Wednesday

On Wednesday the U.S. dollar is declining in pairs with the euro and the yen. Investors are worried about prospects of interest rates remaining high for a longer period than expected. This week the markets are focusing on Federal Reserve meeting minutes as they may provide additional signals. The euro traded at $1.0657 from the previous trading session’s close of $1.0648. Analysts do not rule out the possibility that the pair may return to the range of $1,075–1,080 in the coming days. According to some experts, the American currency will be trading in a narrow range in the first half of the year.

The euro dropped to 143.72 yen today in a pair with the Japanese yen from closing the previous trading session at 143.78 yen. The dollar was 134.84 yen, having closed the previous trading session at 135.01 yen. The British pound was trading at $1.2103 compared to Tuesday’s close of $1.2112 and the euro was at 0.8805 versus 0.8792 on Tuesday. The dollar index was down 0.05%.

Meanwhile from the trading dynamics it follows that the ruble is strengthening against foreign currencies today amid the tax period and before the holidays. The dollar is trading at the level of Rb74.5, Euro is trading below the level of Rb 79.5 and the Yuan — at the level of Rb10.83. Dollar rate “tomorrow” goes down by 55 kopecks — to Rb 74.5. The Euro is losing 61 kopecks — to Rb 79.49. The Yuan is down by 2 kopecks — to Rb 10.83. According to some analysts, the U.S. currency might be able to reduce overbought today in view of the exporters activity on the market before the tax payments next week. Speculators may partially close long positions ahead of the weekend in the country.