{"id":35514,"date":"2023-07-14T05:53:16","date_gmt":"2023-07-14T09:53:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-edges-higher-but-on-course-for-worst-week-in-eight-months\/"},"modified":"2023-07-14T05:53:17","modified_gmt":"2023-07-14T09:53:17","slug":"dollar-edges-higher-but-on-course-for-worst-week-in-eight-months","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35514","title":{"rendered":"Dollar edges higher, but on course for worst week in eight months"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar edged higher in early European hours Friday, rebounding from 15-month lows as traders factored in an end of the Federal Reserve\u2019s rate hike cycle as inflation eases.\u00a0<\/p>\n

At 02:55 ET (06:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.2% higher at 99.620, after having fallen below the 100 level for the first time since April 2022.<\/p>\n

Worst weekly dollar performance in eight months<\/strong><\/h2>\n

However, despite these gains, the dollar is around 2.5% lower this week, its worst weekly performance in eight months, hurt by the U.S.-reported softer-than-expected inflation data \u2013 on Wednesday and on Thursday \u2013 supporting views that the Federal Reserve is nearing the end of its interest rate-hiking cycle.<\/p>\n

\u201cOver recent months we had been speculating that clear signs of US disinflation – and a weaker dollar – may emerge in 3Q23 and \u2026 [these] moves could well be the start of an important market adjustment,\u201d said analysts at ING, in a note.<\/p>\n

Markets are still widely expecting a 25 basis point hike from the later this month, but another hike this year is no longer the base case.<\/p>\n

Second quarter earnings season next<\/strong><\/h2>\n

The second quarter earnings season could also give the Fed food for thought in terms of any additional increases, as executives make statements about current business and consumer demand and their outlook for the remainder of the year.<\/p>\n

The major banks are scheduled to start their quarterly reporting season later this session, and traders will be looking for any signs of instability following the turmoil earlier in the spring.<\/p>\n

Euro falls back from 16-month high<\/strong><\/h2>\n

fell 0.2% to 1.1207, having touched a fresh 16-month peak of 1.1244 in Asian hours before easing.<\/p>\n

fell 2.9% on an annual basis in June, more than expected. This is usually regarded as a leading indicator of consumer price inflation, and the sharp drop will please the European Central Bank given remains highly elevated.<\/p>\n

fell 0.3% to 1.3096, having broken above 1.30 on Thursday for the first time since April 2022, while rose 0.2% to 138.3, with the yen on course for its best week against the dollar since January.<\/p>\n

fell 0.3% to 0.6869 amid some uncertainty over monetary policy after the government named Deputy Reserve Bank Governor Michele Bullock as the new central bank governor, the first woman appointed to the role.<\/p>\n

fell 0.3% to 7.1303, close to a one-month high following a series of stronger-than-expected midpoint fixes by the People\u2019s Bank of China.\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

Investing.com – The U.S. dollar edged higher in early European hours Friday, rebounding from 15-month lows as traders factored in an end of the Federal Reserve\u2019s rate hike cycle as inflation eases.\u00a0 At 02:55 ET (06:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.2% higher at 99.620, […]<\/p>\n","protected":false},"author":1,"featured_media":27985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-35514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar edges higher, but on course for worst week in eight months | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar edged higher in early European hours Friday, rebounding from 15-month lows as traders factored in an end of the Federal\" \/>\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=35514\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar edges higher, but on course for worst week in eight months | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - 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