(MENAFN- Kuwait News Agency (KUNA)) The rate of the US dollar is expected to drop against the main currencies in time of weakening expectations on the raise of profit rates in the US before the end of 2015, according to a financial analyst.
The US dollar is facing challenges including selling pressure in accordance with reports on weak job markets indicating that the US' economy is suffering a slow growth rate, ThinkForex company member analyst Mohammad Al-Ansari told Kuwait News Agency (KUNA) on Thursday.
The slow growth rate led investors to believe that the US Federal Reserve would not raise the profits rate until early 2016, said the analyst.
Meanwhile, he noted that the recent statistics in the US showed that the commercial deficit increased by USD 48.33 billion last August, compared to USD 41.81 billion in July. Experts were expecting a deficit of USD 47.40 for August, he added.
In the same context, the Reserve Bank of Australia has kept the profit rate unchanged at 2.00 percent said Al-Ansari. Recent statistics on Australian commercial deficit showed that it had reached USD 3.095 billion in July, compared to USD 2.550 in August, he said.
Al-Ansari noted that the recent US reports were very negative and resembles the weakness in international economy and the effects of the rise in the dollar on the US exports.
As for the the exchange rate of the US dollar against other main currencies, it dropped against the Japanese yen by 0.10 percent reaching USD 120.33, while also dropping against the euro by 0.53 percent reaching USD 1.1247.
Moreover, the US dollar dropped against the sterling by 0.40 percent reaching USD 1.52, while also dropping against the Swiss franc by 0.51 percent reaching USD 0.97.
The Australian dollar, meanwhile, rose against the US dollar by 0.33 reaching AUD 0.71 and the New Zealand dollar rose against the US dollar by 0.08 percent reaching NZD 0.64.
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