(MENAFN- Kuwait News Agency (KUNA)) The US dollar saw a rise against other main currencies as investors await the statement of the US Federal Reserve Chairman Janet Yellen on a possible rise in US profits in the coming months.
The US dollar was strongly backed by reports on an increase in consumers' trust in the US in the past eight years, reaching 130.0 points last September, compared to 101.3 points in August, economic analyst Talal Al-Wuhaida told KUNA on Thursday.
He added that the dollar has recently risen against the euro by 0.34 percent in the recent exchange, as it was traded at USD 1.12 euros. The euro underwent selling pressure after the EU announced that the inflation rate has dropped 0.1 percent last September, he noted.
This is the first time where the inflation rate has dropped in the euro zone within six months, said the analyst, adding that the unemployment rate in the EU was unchanged at 1.0 percent in August.
Al-Wuhaida noted that despite the rise of the euro due to positive reports, the currency markets expect negative results as the European Central Bank is planning a new quantitative easing program.
Meanwhile, he said that the US dollar dropped against the sterling, while the sterling rose against the dollar by 0.22 percent, traded at USD 1.51. Moreover, the sterling rose against the Swiss franc by 0.09 percent, reaching 0.97 franc.
The sterling was backed by reports on a growth in the GDP by 0.7 percent in three month until June, while the British economy grew by 0.4 percent in Q2 2015, he said.
He also mentioned that the British economy recorded an annual growth rate of 2.4 percent in Q2 2015, compared to 2.9 percent in Q1 of the same year.
The rise of the US dollar came in time with a rise in international stock markets, and reports on a growth in US private sector jobs, which is gaining profits of 0.75 percent in Q3 2015, the analyst said.
In the same context, the dollar index which indicates the rate of the US dollar against the main currencies has risen by 0.22 percent, reaching 96.28 points.
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