Dollar steadies at 20-year highs, on track for fresh weekly gains

2022-05-13 14:08:23 GMT (Economies.com)
Dollar steadies at 20-year highs, on track for fresh weekly gains

Dollar fell in European trade on active profit-taking away from 20-year highs amid strong bets on multiple Fed rate hikes this year.

 

The dollar is still heading for the sixth weekly profit in a row amid strong haven demand.

 

The Dollar Index

 

The dollar index fell 0.3% on Friday to 104.48, after closing up 0.75% yesterday, the sixth profit in a row, with a 20-year high at 104.92.

 

The dollar index is up 0.8% so far this week on track for the sixth weekly profit in a row, the longest such streak this year.

 

US inflation data astounded expectations once more and paved the way for a rate hike next month.

 

Bullish remarks by Fed officials have all but guaranteed several 0.50% rate hikes this year.

 

Estimates

 

Now analysts expect the dollar to hit fresh 20-year highs after the current correction takes its course for profit-taking. 

 
 
 
  Symbol Last Change Chg.%
1.0754
0.0101
0.9458%
1.2637
0.0075
0.5954%
22.136
0.225
1.027%
113.913
3.774
3.427%
117.20
-0.14
0.12%
1854.645
-1.790
0.096%
 
 
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