Dollar rises but still set for biggest weekly loss since May

NEW YORK (Reuters) – FX Signals – The dollar rose on Friday along with other safe haven currencies as stocks fell and as upbeat U.S. economic data helped reverse some of the losses from earlier this week when dovish remarks by the Federal Reserve tanked a month-long rally in the greenback.

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The dollar index, which measures the greenback against a basket of six currencies, was 0.32% higher at 92.181 at 2:45 p.m. Eastern time. The index was still down 0.77% for the week, on pace for its worst weekly performance since the first week of May.

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Friday’s gains for the U.S. currency came as stocks fell following a glum earnings report by Amazon (NASDAQ:AMZN), growing concerns over the rapid spread of the COVID-19 Delta variant, and in the wake of a regulatory crackdown by China on its technology and education sectors.

Dollar Faces Weekly Drop Again

“We’re at the end of the month and August tends to be the cruelest month for the financial markets on a seasonal basis, on a 10-year basis, it’s the weakest month,” said Kathy Lien, managing director at BK Asset Management.

Dollar heads for third weekly gain

“So with the Delta variant as well as the uncertainties around China, investors are getting nervous and I think they’re worried about a more durable correction in stocks and so you’re beginning to see the dollar catch a safe haven bid,” she said.

Japan’s yen and Norway’s krone, which are also seen as safehaven currencies, were up 0.26% and 1.27% respectively.

Dollar Edges Higher; Weekly Losses

Dollar Down, but Set for Weekly Gain

Meanwhile, the Chinese yuan had recovered all of its losses from Tuesday’s plunge to trade at 6.4660 per dollar.

Dollar Set For Strong Weekly Gain

The Australian and New Zealand dollars, seen as riskier assets, were down on the day but remained near two-week highs.

Sterling edged 0.5% lower versus the dollar ahead of a Bank of England meeting next week.

Bitcoin fell 3%, slipping well below $40,000, a level the cryptocurrency has not closed above since mid-June.

Dollar rises but still set for biggest weekly loss since May

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