Dollar rises after dropping over dovish sentiments
The dollar climbed on Friday in early European trade. However, the Federal Reserve’s dovish policy decision and some disappointing growth figures may result in a negative week for the greenback.
The Dollar Index that measures the greenback against other major currencies jumped 0.1% to 91.998. It earlier dropped to a one-month low of 91.855 on Thursday. The index is currently down almost 1% for the week, its lowest weekly performance since early May. It is down about 0.6 percent for the month.
The USD/JPY pair gained 0.1% to 109.61, while the GBP/USD pair dropped 0.1% to 1.3944
The EUR/USD pair shed 0.1% to 1.1877, while the risk-sensitive AUD/USD pair also fell 0.2% to 0.7379.
Fed’s Chairman Jerome Powell earlier reported that rate hikes were still a long way off, and the central bank needed to see more economic development before removing its massive monetary support.