Dollar on course for weekly loss as data, Fed cool market

09.04.2021 - Petr Mazaylo
Dollar on course for weekly loss as data, Fed cool market

The dollar was on course for its worst week of the year on Friday as unexpectedly strong European economic data, downbeat U.S. employment figures, and an accommodative Federal Reserve urged traders to unwind dollar bets.

The euro and the yen were set to gain their largest weekly percentage rise in five months. The dollar index hovered near a two-week low of 92.066, down 1% this week. 

The euro sat above its 200-day moving average of $1.1916 in Asian trade, while the yen hit 109.325 against the dollar. The euro gained 1.4% against the dollar and the yen is up 1.3% this week.

Against the pound, the euro rose over 2% this week, recovering from a one-year trough of 84.70 pence on Monday. It hit 86.81 in Asian trade on Friday. The pound fell 0.5% to $1.3744 against the dollar this week. 

Fed policymakers vowed to keep monetary policy dovish despite a positive outlook on economic data. 

The Aussie last stood at $0.7657, up 0.8% this week. The kiwi rose to $0.7060, up 0.6% on the week. 

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