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USD on track for first weekly gain in over a month

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On Friday, the Dollar was on course for its first weekly gain in over a month as bets for another Federal Reserve rate hike mounted.


The greenback edged up against most major currencies in Asian trade, with the exception of the Japanese Yen. At the time of writing, the Dollar was 0.26% down at 133.89 Yen.


Data published on Friday revealed Japan’s consumer inflation remained steady, over the central bank’s target last month, with a key index reaching a 40-year top, piling pressure on the Bank of Japan to move away from its ultra-loose monetary policy stance, Reuters reports.


In addition, the Dollar index – measuring the currency against six rivals – increased 0.07% to 101.85, on track for a weekly gain of around 0.3% following five consecutive weeks of losses.


Mounting expectations the Fed will hike rates by 25 basis points next month have offered a degree of support to the greenback, with markets pricing in an 86% chance of such an increase in May.


Whereas rate cuts are being priced in as soon as July for the remainder of the year, with rates seen holding just over 4.5% in December, the Reuters report adds.


Elsewhere, against the Dollar, the Euro fell 0.12% to $1.0958, whilst the Sterling edged down 0.13% to $1.2428.


In India, there was little change for the Rupee against the Dollar on Friday, with the currency unable to hold on to its slight uptick over risk appetite concerns.


The Rupee stood at 82.15 against the Dollar at the time of writing, compared to 82.1475 in the previous session. India’s currency opened at 82.10.


Furthermore, in Australia, the risk-sensitive Dollar declined to $0.6710, whilst the New Zealand Dollar edged down 0.36% to $0.6156. According to data published on Thursday, New Zealand’s consumer price inflation was lower than forecast in Q1 yet remained near record highs.

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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.