{"id":14031,"date":"2023-05-26T04:39:31","date_gmt":"2023-05-26T08:39:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-set-for-another-positive-week-on-raised-fed-hike-expectations\/"},"modified":"2023-05-26T04:39:31","modified_gmt":"2023-05-26T08:39:31","slug":"dollar-set-for-another-positive-week-on-raised-fed-hike-expectations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14031","title":{"rendered":"Dollar set for another positive week on raised Fed hike expectations"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar edged lower in early European trading Friday but was on course for its third consecutive weekly gain as U.S. rate hike expectations grow.<\/p>\n

At 03:15 ET (07:15 GMT), the , which tracks the greenback against a basket of six other currencies, fell 0.1% to 104.040, just below Thursday’s two-month high of 104.31.<\/p>\n

Despite Friday\u2019s minor losses, the U.S. currency is still on course for a weekly gain, its third in a row, of just under 1% as traders position for the potential that U.S. interest rates remain higher for longer.<\/p>\n

Data released on Thursday showed that the number of Americans filing increased only moderately last week to 229,000, while first-quarter growth was revised higher to 1.3%, from 1.1%.<\/p>\n

Attention Friday is going to be on the release of the , a closely watched barometer of inflation, which the Federal Reserve will be closely watching as it heads into its June policy meeting. <\/p>\n

With inflation proving sticky, expectations are now rising that the will raise rates again in June, with futures traders almost evenly split between expecting a rate hike and a pause. <\/p>\n

The dollar has also received a boost this week, given its safe haven status, from the lack of success in reaching a deal to lift the U.S. government’s $31.4 trillion debt ceiling, with the early-June deadline drawing nearer.<\/p>\n

The two sides appear to be closing in on a deal, Reuters reported late Thursday, but any agreement would have to pass the Republican-controlled House of Representatives and the Democratic-controlled Senate.<\/p>\n

Elsewhere, edged higher to 1.0731, remaining close to a two-month low, even as officials hint at further interest rate hikes to tame still elevated inflation.<\/p>\n

\u201cIn order to banish the specter of inflation, we in the Eurosystem have acted resolutely,\u201d Bundesbank President Joachim Nagel said Thursday. \u201cThe ECB Governing Council will continue on this monetary-tightening path to overcome high inflation.\u201d <\/p>\n

rose 0.2% to 1.2344 after British rose by more than expected in April, rising by 0.5% from March, above the 0.3% expected and an improvement from the drop of 1.2% the prior month.<\/p>\n

With remaining the highest in the G7, jointly with Italy, and consumer spending showing a degree of resilience, the is likely to hike interest rates once more next month.<\/p>\n

edged 0.2% lower to 139.78, just off a six-month high, with softer-than-expected data on Friday lifting expectations that the Bank of Japan will hold off on tightening policy this year.<\/p>\n

rose 0.3% to 0.6522, while fell 0.4% to 7.0524, rebounding from a near six-month high, but remains well above the key 7 level.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar edged lower in early European trading Friday but was on course for its third consecutive weekly gain as U.S. rate hike expectations grow. At 03:15 ET (07:15 GMT), the , which tracks the greenback against a basket of six other currencies, fell 0.1% to 104.040, just below Thursday’s two-month high […]<\/p>\n","protected":false},"author":1,"featured_media":14032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-14031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar set for another positive week on raised Fed hike expectations | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar edged lower in early European trading Friday but was on course for its third consecutive weekly gain as U.S. rate hike\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=14031\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar set for another positive week on raised Fed hike expectations | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - 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