The dollar held steady on ? Friday but was poised for a weekly decline as a softer-than-expected US inflation report this week led traders to cut bets on imminent rate hikes from the Federal Reserve.
Dollar Set for Weekly Decline as Fed Rate Hike Bets Ease
SINGAPORE, Jul 17 (WAM/APP): The dollar held steady on ? Friday but was poised for a weekly decline as a softer-than-expected US inflation report this week led traders to cut bets on imminent rate hikes from the Federal Reserve.
In currency markets, the euro was at $1.1445, set for a 0.29 percent rise in the week. Sterling fetched $1.3476, on course for a 0.56 percent gain in the week, its third straight week of gains on fading concerns over Britain’s fiscal outlook. The Japanese yen was fetching 162.39 per US dollar, rooted near the 40-year low of 162.84 it touched at the start of the month. That left the dollar index, which measures the US currency against six other units, at 100.72, set for a weekly drop of 0.24 percent. The index hit a one-month low earlier this week on easing chances of a near-term rate hike, but safe-haven flows have helped support the greenback.
