The dollar was headed for its best week in seven months on Friday after breaking through key levels against the euro as traders priced in a year of aggressive US interest rate hikes. Federal Reserve chair Jerome Powell unleashed bets on five or more hikes this year after he left the door open on Wednesday to raising rates faster than in previous cycles.Data showing the best annual US growth in nearly four decades didn't hurt either. Overnight the euro fell almost 0.
"We see a lot of potential in this space and are investing accordingly," said Cook, in response to a question about its plans for the metaverse, a broad term that generally refers to shared virtual world environments that people can access via the internet. Solid corporate earnings reports also helped this week, with several leading companies scoring higher profits despite ongoing pressures connected to Covid-19.In Europe, London overturned earlier losses to close 1.1 percent higher. Paris and Frankfurt likewise overcame early sluggishness to post modest gains by the close.Despite major markets moving back into the green, AJ Bell investment director Russ Mould sounded a note of caution regarding Powell's assessment.
Elsewhere, oil prices lost early momentum after benchmark European contract Brent closed in on $91 a barrel.It fell back under $90, having risen on Wednesday above that level for the first time in seven years owing to rising Ukraine-Russia tensions and falling US crude stockpiles. Despite the impact of the riots, Shoprite opened 57 new stores taking its total number of stores to 2 003, while it closed one OK store.In addition to South Africa, Shoprite has stores in Angola, Mozambique and Zambia. Sales in these countries increased by 8.4%. It did not open new stores in those markets, closing five instead, due to the disposal of its operations in Uganda.
The Fed concluded a two-day meeting on Wednesday and Fed chief Jerome Powell said the central bank was in a mind to begin hiking in March to tame inflation. "Also the Fed's mention the balance sheet has focused markets' mind on the withdrawal of stimulus."Foley added that a shake-out of overly long dollar positions earlier in the month had left the greenback in a position to react to the latest Fed signalling.Furniture retailer Lewis has seen sales growth of 12.7% in the nine months to end-December, despite pressure on consumer spending and civil unrest.
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