The dollar rises with support for Warsh’s nomination to head the Federal Reserve and the recovery of the US currency

The US dollar recorded a noticeable rise, influenced by US President Donald Trump’s announcement of the nomination of former member of the Federal Reserve, Kevin Warsh, to head the US Central Bank, at a time when the US currency continued to recover from a sharp selling wave witnessed earlier in the week.

The dollar index, which measures the performance of the US currency against a basket of major currencies including the yen and the euro, rose by 0.79% to reach 96.93 points, while the euro fell by 0.79% to $1.1874.

On the other hand, the Japanese yen fell by 0.89% against the dollar, reaching 154.49 yen to the dollar, although the American currency is still heading to record a weekly loss of about 0.8% against the yen, which witnessed a noticeable rise last week following hints from policymakers in Japan about the possibility of intervening in the exchange market in coordination with the United States to support the currency.