Dollar Edges Higher; Weekly Losses

FxPremiere.com – The dollar edged higher in early European trading Friday, but looks set to register a negative week after a dovish Federal Reserve meeting and some disappointing growth data.

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At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 91.998, having earlier fallen as low as 91.855 on Thursday, a one-month low. The index is currently around 1% lower on the week, its worst weekly showing since early May, and down around 0.6% for the month.

Dollar Faces Weekly Drop Again

The U.S. central bank stated earlier this week that progress had been made towards the levels where the policymakers would agree to tapering monthly bond purchases.

Dollar heads for third weekly gain

Investors will be keeping an eye on the second-quarter employment cost index, personal income and spending for June and the July University of Michigan consumer sentiment index later in the day for more clues over the country’s economic recovery.

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That said, the dollar could receive support if rising Covid cases in the U.S. prompt a bout of risk aversion.

The New York Times reported Friday that the U.S. Centers for Disease Control and Prevention has described the delta variant of the coronavirus to be as contagious as chickenpox and could cause severe illness, citing an internal CDC document.

Dollar Edges Higher; Weekly Losses

Dollar Down, but Set for Weekly Gain

Dollar Edges Higher; Weekly Losses

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Dollar Set For Strong Weekly Gain

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