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.

Adobe’s Stock Surges More Than 14% Percent On the Back of Record Revenue

Software company Adobe shared its report for the second quarter, which showed record revenue and earnings results that beat the expectations of analysts. The...

Cruise Stocks Drop Amid Worries About Their Pricing Power

Cruise companies Carnival, Norwegian Cruise, and Royal Caribbean all saw their stock take a significant dip on Friday after analysts expressed concerns about their...

U.S. Home Sales Approach Lowest Level in a Decade Amid All-Time High Prices

Prospective homebuyers in the United States continue to remain on the sidelines amid all-time high prices. Real estate brokerage Redfin recently released a report...