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Global and local dollar drops end of week
The price of the dollar declined against many major currencies by the end of the week, due to falling oil prices and declining U.S. Treasury bond yields, while the Japanese yen rose supported by statements about coordination between Tokyo and Washington in the currency market. Locally, the dollar decreased against the pound in 10 banks by between 30 and 78 piastres, amid expectations of an extension of the US monetary policy tightening due to rising inflation and forecasts of interest rate hikes. Meanwhile, the increase in U.S. Treasury bond yields supported the dollar. The Japanese yen also recorded its biggest gains against the dollar since September, following statements reaffirming ongoing coordination between Japan and the United States, even though it is on track to register its second consecutive weekly decline amid Japan's monetary policies.
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