
Dollar Down, but Set for Weekly Gain
FxPremiere.com – Signals Forex – The dollar was down on Friday morning in Asia. However, the greenback is set for its best weekly gain in about a month as ongoing investor worries about a quicker-than-expected U.S. interest rate hike and by rising COVID-19 infections capped losses.
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The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.06% to 92.575 by 11:45 PM ET (3:46 AM GMT).
The USD/JPY pair inched up 0.09% to 109.95. The Bank of Japan (BOJ) concluded a two-day meeting earlier in the day, where it left its yield curve control (YCC) target unchanged at -0.1% for short-term interest rates and 0% for 10-year bond yields. BOJ also cut the current fiscal year’s growth forecast while maintaining that the economy was headed for a moderate recovery.
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The AUD/USD pair edged up 0.15% to 0.7438, but with the lockdown in Australia’s biggest cities of Melbourne and Sydney weighing on the Australian dollar.
Dollar heads for third weekly gain
Across the Tasman Sea, the NZD/USD pair gained 0.57% to 0.7020.
The USD/CNY pair edged up 0.13% to 6.4655 and the GBP/USD pair inched up 0.07% to 13838, with the U.K. set to lift most of its remaining COVID-19 on Jul. 19.
Dollar Set For Strong Weekly Gain
However, a firm greenback meant that the New Zealand dollar remained within recent ranges.
Dollar Faces Weekly Drop Again
With Speizer adding that recent U.S. data fed into higher yields and rate-increase expectations, investors now await data on June core retail sales as well as the Michigan consumer sentiment and expectations indexes, due later in the day.
U.S. Treasuries recorded a third consecutive week of gains, with worries over surging COVID-19 outbreaks involving the Delta variant and bets on inflation being transitory pulling long-end yields lower.
The Thai baht, one of the currencies most battered by the recent COVID-19 outbreaks, was set for a fifth consecutive weekly loss as the country posted a record number of daily cases.
Meanwhile, cryptocurrencies fell towards the bottom of recent ranges, with bitcoin at $31,660 and ether at $1,910.
Dollar Down, but Set for Weekly Gain
Dollar Down, but Set for Weekly Gain
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Dollar Down, but Set for Weekly Gain
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