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USD on course for weekly gains on rate hike possibility

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The U.S. Dollar is on track to hit weekly gains, with the rally set to prolong if U.S. labour data underlines the case for sooner-than-forecast rate hikes by the Federal Reserve.


In contrast, investors predict the Bank of Japan will likely lag behind major peers on rate hikes, leading the Yen to be the standout casualty in the first trading week of 2022.


Yet expectations the Fed could increase rates in March, and several times during the course of the year, is driving up U.S. yields and the Dollar.


Earlier this week, the greenback reached a five-year high against the Yen at 116.35, and hovered around the 115.87 mark in Asia on Friday, Reuters reports.


It’s up around 0.7% on the Yen this week, and 2.7% over five weeks. Moreover, the Dollar is seeking its best week in over a month against both the Australian and New Zealand Dollars.


The Australian Dollar hit $0.7184 on Thursday, losing 1.5% for the week, whereas the New Zealand Dollar was close to a fortnight-low at $0.6751 on Friday and down 1.4% during the first trading week of the year.


In addition, the U.S. Dollar is up 0.6% for the week against the Euro to $1.1301, rose to a 17-month high against the South Korean Won, yet eased from Thursday’s six-week high against the offshore Yuan.


Moreover, the Pound stood at $1.3545 as traders focus on possible rate hikes by the Bank of England in the near future, near to the two-month peak of $1.3599 hit on Tuesday, and close to a two-year high on the Euro.

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The British Pound edged lower against both the US Dollar and Euro on Thursday, as investors awaited a speech by Bank of England Governor Andrew Bailey that could provide clues about the central bank’s next interest rate decision.
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The US Dollar edged higher on Wednesday, supported by rising oil prices, as investors awaited the Federal Reserve’s meeting minutes and comments from policymakers for clues about the outlook for interest rates.
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The US Dollar was on track for a third consecutive weekly gain on Friday, supported by a global bond selloff fuelled by inflation concerns over higher oil prices and mounting worries about France’s fiscal position. Meanwhile, the Euro remained near a 17-month low.
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Dollar hits fresh three-month high as yields support greenback

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.