Today's most profitable safe currencies in currency market trading - PayPal launches a new currency called PYUSD

The dollar is rising strongly

The US dollar witnessed a strong rise during the current trading session, as a result of the increased demand by investors to use it as a safe haven, especially after losses occurred in the major currencies against it, as the Chinese data that was issued this morning and the European data that were not encouraging contributed to strengthening this trend.

Commodity currencies also declined significantly against the dollar, as investors declined to hold them and were subjected to widespread selling as a result of this negative data, while the Australian and New Zealand dollars witnessed a significant decline against the US dollar, given that they are among the largest exporters of commodities to China, which gave way to the dollar To make more profits.

Also.. the gains for the dollar continued against the British pound and the euro, after the single currency of the European Union was subjected to accelerated selling operations against the dollar since the previous day, due to negative data on industrial production in Germany, which is the largest economy in the European Union, as this sector contracted more than expected. .

Dollar and currency pairs

Regarding trading events, the euro witnessed a decrease against the US dollar, as the exchange rate reached $1.0953.

Similarly, the pound sterling fell against the US dollar, as the exchange rate reached $1.2727.

In the context of its trading with safe-haven currencies, the dollar rose against the Japanese yen, and the exchange rate reached 143.18 yen. In addition, the dollar rose against the Swiss franc, and the exchange rate reached 0.8757 francs.

While the Australian dollar witnessed a decline against the US dollar, and the exchange rate reached $0.6520. The New Zealand dollar was not isolated from these trends, as it also fell against the US dollar, bringing the exchange rate to $0.6051.

Meanwhile, the US dollar rose against the Canadian dollar, reaching $1.3454.

The most profitable safe currencies today

• During today's trading session, the safe-haven currencies topped the list of currencies that achieved the highest levels of profit in the foreign exchange market, as it recorded remarkable gains for the Japanese yen against the major currencies in the global market.

• The Swiss Franc came second in the list of currencies that achieved the highest levels of profit, as gains were recorded due to weak risk appetite in the trading session, which increased the demand for the Swiss Franc due to its role as a safe-haven currency.

• In third place: The New Zealand dollar recorded significant gains against other traded currencies, as it received support from the positive data of the Chinese economy.

• In addition, the US dollar rose to fourth place.

• As for the euro, it came in the fifth and last place in the list of currencies that achieved slight gains against other currencies today.

The new PayPal currency

PayPal, the American financial technology company, has announced the launch of a new stablecoin called "PayPal USD" (PYUSD). This stablecoin is pegged to the US dollar and will be issued by Paxos Trust.

Fully backed by US dollar deposits, short-term vaults and similar fiat assets, this currency is built on the Ethereum network and aims to facilitate digital payments and will soon be available to customers in the US.

The stablecoin PYUSD allows it to be exchanged for US dollars at any time, it can also be converted to other cryptocurrencies on the PayPal platform and it will be convertible between PayPal and Venmo and the company aims to use it as a means of payment during various purchases.

PayPal's launch of this stablecoin may contribute to its efforts to achieve prominence as a cryptocurrency payment giant, an initiative initiated by the company in 2020 to facilitate cryptocurrency payments on its platform.

PayPal is a platform with over 350 million active users, and has already opened the door to buying, selling and holding cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) to users in the US and UK with the ability to pay using these assets.