THE increased demand for the greenback put slight pressure on the local currency making it lose ground to close the week at 1615/35. The
Money market analysts said the shilling lost the battle following high demand from oil and manufacturing sectors on the back of declining inflows that were expected from NGOs.
Similarly, the euro started the week at its highest level against the dollar in nearly three months as euro zone growth numbers came in better than expected. This is likely to help reduce expectations that the
Traders said the court's objection to the scheme, which has underpinned the euro over the past two years, had jarred the single currency. The absence of an immediate move by the central bank to add liquidity to the banking system had prompted a rise for the euro against the dollar.
The dollar will disappoint analysts expecting a broad rally in the currency versus major peers as a tapering of Federal Reserve stimulus isn't improving the US's interest-rate advantage, according to
The greenback will probably weaken against the euro and the pound over the next six months as investment flows into those economies remain strong in the face of improving US growth prospects.
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