At the start of the American session on Friday in the global forex market, only two of the eight major currencies managed to make gains against their counterparts from the other major currencies.

Meanwhile, the other six currencies suffered significant losses, amid growing investor fears of an economic recession, which is casting its shadow over the world's major economies.

The New Zealand dollar topped the winning major currencies, followed by the Australian dollar in second place with a slight difference in the size of gains.

The biggest reason for the two currencies' ability to achieve gains was the sharp decline in some strong currencies, especially the euro and the US dollar, which suffered the largest losses.

The euro led the currency losses, followed by the US dollar in second place, the Swiss franc in third, then the Japanese yen, then the British pound, and finally the Canadian dollar, which suffered the least losses.

The two currencies' gains exceeded 3%, while the losses of the other currencies ranged between -0.35% and -2.63%. Below are the more detailed reasons behind these currencies making gains or incurring losses:

The New Zealand dollar tops currency gains

The New Zealand dollar topped the major currency gains in today's American session, rising by 3.86%, as it managed to make gains against the other seven currencies, thanks to the flexibility and strength of the New Zealand economy, as well as its significant benefit from the decline of the euro and the US dollar, against which it achieved the largest gains.

The Australian dollar is the second winning currency

The Australian dollar also achieved significant gains during today's trades, but it came in second among the winning currencies, rising by 3.4%. Its largest gains were against the euro then the US dollar, from which it greatly benefited from their losses.

The Australian dollar's gains and its outperforming other currencies were driven by the release of the retail sales data for April today, which indicated a rise of 0.9%, suggesting the continuation of economic activity.

The euro is the biggest loser

The euro currency came during today's session suffering the largest losses, as the euro declined by 2.63%, amid increasing concerns about economic growth after the release of the money supply index, which showed a decline less than expected.

The US dollar is the second losing currency

The US dollar suffered significant losses, ranking second among the losing currencies, falling by about 1.97%, due to being heavily affected by the negative growth data released yesterday, which showed that the American economy contracted in the previous quarter more than expected.

This erased the positive impact stirred by the minutes of the Federal Reserve's Monetary Policy Committee meeting on Wednesday evening, which confirmed the consensus of most Federal Reserve members on raising the interest rate by 50 basis points in the upcoming meeting.

The negative economic data yesterday, along with the data released today that indicated a slowdown in personal income growth as well as an increase in wholesale inventories, which indicate a slowdown in economic activity and the economy heading into recession, increased investors' fears that the Federal Reserve might suspend the rate hike in its upcoming meeting.

The Swiss franc is the third losing currency

The Swiss franc ranked third in terms of the size of losses among other currencies, declining by 1.08%, affected by the absence of any economic data today to provide some clues, and by Credit Suisse's pessimistic forecasts regarding the Swiss economy.

The Japanese yen is the fourth loser

The Japanese yen comes in fourth place in terms of incurring losses among other currencies, falling by about 0.68%, after the Bank of Japan governor's statements today that inflation will remain around the 2% range in the coming period to be able to decline with falling energy prices.

The British pound is the fifth currency to incur losses

The British pound came as the fifth currency to incur losses, declining by about 0.56%, amid slowing wage growth and the government's pursuit of imposing more taxes to increase support provided to the British.

The Canadian dollar is the currency with the least losses

The Canadian currency was affected during today's trades but suffered the least losses among other currencies, as it declined by 0.35%. This comes following news of an increase in monkeypox cases, but despite that, the losses were limited thanks to rising oil prices.