The US dollar recorded a strong rise and was the most profitable major currency, with a rate of up to 3.66%, as the dollar benefited from the optimism in the markets about the continued tightening of US monetary policy in the coming period, and this in turn enhances the demand for the dollar compared to some other currencies.
The dollar benefited from the statements of the US Federal Reserve Bank member in Cleveland, Loretta Mester, in which she said that interest rates have not reached a tightening level so far, and that the US Federal Reserve has reached the point where it must continue to focus on stopping the rise in inflation only, in addition to that the economy has dealt well until Now with raising interest rates, and that the US Federal Reserve needs to reach real interest rates to positive rates and keep them at this level for a while, these statements had a very positive impact on the dollar's trading against currencies.
In second place on the list of the most profitable currencies today, the Japanese yen comes with a profit of about 2.99%, as the demand for the yen is increasing as a safe currency, and in light of the weak risk appetite in the currency markets, the demand for the yen is very high and this increases its heights in the markets.
Also, the Japanese yen continues to benefit from reports that the Bank of Japan intervened in the currency market to prevent the value of the yen from deteriorating significantly, as news reports revealed that the Bank of Japan intervened with spending of up to 2.83 trillion yen, or an estimated $19 billion. Almost in the currency markets during the period from August 30 to September 28, in order to support the yen's trading against other currencies.
In the third and last place in the list of the most profitable currencies today, the Canadian dollar comes with a slight profit estimated at 0.26% only, in the absence of important economic reports and data affecting the Canadian trades in the currency markets.
But the rise in oil prices may clearly be the strongest supporter of the Canadian moves against the major currencies, especially since the oil sector plays an important role in the Canadian economy, and with oil recovering today in light of reports that talked about consensus within the OPEC Plus alliance to reduce production levels, in addition to reports of New US sanctions targeting Iranian oil exports, the Canadian dollar benefited a lot and came to the list of winning currencies today.