Are foreign currencies strengthening against the Lek? What is happening in the foreign exchange market?

2024-01-09 09:35:26Biznes SHKRUAR NGA REDAKSIA VOX

Are foreign currencies strengthening against the Lek? What is happening in the

The main international currencies have continued to strengthen against the lek at the beginning of the second week of 2024, extending the gains of the previous week. In this way, the internal foreign exchange market continues to be characterized by a correction, after the significant strengthening of the lek during 2023.

Market agents say that the expectations that the Bank of Albania plans to intervene 20 times in the market to buy a total of about 330 million euros during this year, may have had a psychological effect on the strengthening of the European currency.

Even the low flows of the euro in the Albanian economy, during this period of the year, may have also influenced the strengthening of the European currency, which consequently strengthened other currencies in relation to the lek.

In international markets, the euro has started the second week of 2024 on a firm footing as investors await US inflation data for December, which will provide a clearer picture of the Federal Reserve's policy decisions. monetary policies. Meanwhile, trade in the Asia-Pacific region was light as Japan's stock market was closed for a national holiday.

Data released last week showed that US companies hired more workers than analysts had estimated in December, while wages continued to rise. However, a separate survey on Friday showed that the US services sector slowed sharply last month, with the employment rate falling to the lowest level in nearly 3½ years, presenting a mixed view of the larger economy. biggest in the world.

 

 


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