HomeFinancial MarketsDollar Heads for Fourth Straight Weekly Gain

Dollar Heads for Fourth Straight Weekly Gain

The U.S. dollar was put on track for a fourth consecutive weekly gain on Friday after July’s Consumer Price Index (CPI) report indicated that inflation did not rise as strongly as expected. As a result, markets are expecting the Federal Reserve to pause its interest rate hiking agenda in its September meeting.

Following three days of losses, the British pound rose slightly against the dollar to $1.2711, however, this wasn’t enough to reverse the greenback’s weekly rise. The dollar also fell slightly against the euro by 0.1% to $1.0995. The dollar is worth around 140 yen, meaning that the Japanese currency is down 9% against the U.S. currency.

Despite falling 0.1% on Friday to 102.50, the dollar index, which measures the greenback against a basket of major currencies, remained on track to a fourth weekly rise. This is largely believed to be because of a rise in Treasury yields.

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