Today, March 5, the dollar exchange rate officially surpassed the level of 44 UAH. Following the American currency, the euro is also showing appreciation. At the same time, currency strategists predict that the strengthening of the dollar exchange rate against the background of the conflict with Iran will not be long-lasting.
Today, March 5, the dollar exchange rate officially surpassed the level of 44 UAH. Following the American currency, the euro is also showing appreciation. At the same time, currency strategists predict that the strengthening of the dollar exchange rate against the background of the conflict with Iran will not be long-lasting.
According to the Ministry of Finance portal, on the morning of March 5, the average dollar buying rate in exchange offices jumped to UAH 44.17, which is 62 kopecks higher than yesterday's figures. The price of receiving currency also increased by 40 kopecks, to UAH 43.80.
The dynamics of the euro's growth remains high: over the past 24 hours, the currency has added another 60 kopecks, reaching UAH 51.50 in sales. The rate at which exchangers are willing to buy the euro has also increased by 55 kopecks, to UAH 51.15.
The U.S. dollar's recovery since the start of the U.S.-Israeli war with Iran may be short-lived due to lingering doubts about the appeal of U.S. assets as a safe haven, according to a Reuters poll of 60 currency strategists, most of whom still expect the Federal Reserve to cut interest rates by two more times this year.
The US dollar has risen by about 1.5% since Monday, largely due to the closing of short positions, and this was prompted by the rapid rise in oil prices.
“We have not changed our position. We continue to expect the euro-dollar pair and various dollar crosses to trade volatile this year,” said Jane Foley, head of currency strategy at Rabobank. “But is the dollar as safe as it used to be? Probably not. If it were, we wouldn’t be having this discussion for the past year or so.”
When asked how market positions would change by the end of March, about half of the currency strategists surveyed (21 out of 45) said there would be no significant change or that the number of “short” positions would increase. While 19 respondents said net short positions would decrease, only five predicted a reversal to net long positions.
