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2021-11-05 06:34
The dollar gains for the second week
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2021-11-05 06:34
Shafaq News/ The dollar was on course for a second consecutive week of gains against its major peers on Friday, ahead of a major jobs report in the United States that may affect the timing of the Federal Reserve's rate hike.
Sterling headed for its worst week in 11 after the Bank of England surprised the market by keeping interest rates steady on Thursday.
The dollar index, which measures the greenback against a basket of six competitors, settled at 94.341 after rising 0.51% overnight. That lifted it to the positive level this week, adding 0.21%.
The British Pound was little changed on Friday after falling 1.36% in the previous session which made it down 1.34% this week.
Investors were forced to reset monetary policy expectations this week, after some of the largest central banks backed off bets to raise interest rates early.
European Central Bank President Christine Lagarde on Wednesday opposed market bets for a rate hike as soon as October and said such a move was unlikely in 2022.
Also on Wednesday, Federal Reserve Chair Jerome Powell said he was in no hurry to raise borrowing costs, even as the Federal Open Market Committee announced a $15 billion-a-month cut from $120 billion in monthly asset purchases. The Fed set a labor market recovery as a condition for raising interest rates. US non-farm payrolls are due later on Friday, and economists expect 450,000 jobs to increase in October, after a 194k rise the previous month.
The euro was little changed at $1.1552 after dropping 0.49% overnight, putting it on course for a slight decline this week.
The dollar was nearly flat at 113.78 yen, down 0.22% since last Friday. While the Bank of Japan is set to be the slowest among developed market central banks to normalize policy, the Japanese currency benefited as this outlook remained firm while investors cut bets elsewhere.
The Reserve Bank of Australia set the tone for the week on Tuesday, when policy makers stuck to their dovish stance in the face of increasingly sticky inflation pressures. Read more
The Australian dollar was almost flat at $0.74025 on Friday, retaining the previous session's 0.67% decline and on course to fall 1.56% this week.
The New Zealand dollar was also mostly unchanged at $0.7104, after dropping 0.81% on Thursday, gaining 0.96% for a weekly loss.
Among the cryptocurrencies, bitcoin was around $61,300, having traded largely sideways since hitting an all-time high above $67,000 last month.
Ether, the second largest cryptocurrency, was trading around $4,500 after hitting a record high of $4,670.81 on Wednesday.
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Sterling headed for its worst week in 11 after the Bank of England surprised the market by keeping interest rates steady on Thursday.
The dollar index, which measures the greenback against a basket of six competitors, settled at 94.341 after rising 0.51% overnight. That lifted it to the positive level this week, adding 0.21%.
The British Pound was little changed on Friday after falling 1.36% in the previous session which made it down 1.34% this week.
Investors were forced to reset monetary policy expectations this week, after some of the largest central banks backed off bets to raise interest rates early.
European Central Bank President Christine Lagarde on Wednesday opposed market bets for a rate hike as soon as October and said such a move was unlikely in 2022.
Also on Wednesday, Federal Reserve Chair Jerome Powell said he was in no hurry to raise borrowing costs, even as the Federal Open Market Committee announced a $15 billion-a-month cut from $120 billion in monthly asset purchases. The Fed set a labor market recovery as a condition for raising interest rates. US non-farm payrolls are due later on Friday, and economists expect 450,000 jobs to increase in October, after a 194k rise the previous month.
The euro was little changed at $1.1552 after dropping 0.49% overnight, putting it on course for a slight decline this week.
The dollar was nearly flat at 113.78 yen, down 0.22% since last Friday. While the Bank of Japan is set to be the slowest among developed market central banks to normalize policy, the Japanese currency benefited as this outlook remained firm while investors cut bets elsewhere.
The Reserve Bank of Australia set the tone for the week on Tuesday, when policy makers stuck to their dovish stance in the face of increasingly sticky inflation pressures. Read more
The Australian dollar was almost flat at $0.74025 on Friday, retaining the previous session's 0.67% decline and on course to fall 1.56% this week.
The New Zealand dollar was also mostly unchanged at $0.7104, after dropping 0.81% on Thursday, gaining 0.96% for a weekly loss.
Among the cryptocurrencies, bitcoin was around $61,300, having traded largely sideways since hitting an all-time high above $67,000 last month.
Ether, the second largest cryptocurrency, was trading around $4,500 after hitting a record high of $4,670.81 on Wednesday.
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