The US dollar rose on Saturday but remains poised to record weekly losses against major currencies. Investors have scaled back bets on Federal Reserve interest rate cuts, citing the potential for surging inflation driven by rising energy prices.
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The Euro, Yen, British Pound, and Swiss Franc are all on track for weekly gains against the greenback. This trend comes as policymakers lay the groundwork for higher interest rates in response to the conflict in the Middle East, which has severely disrupted oil and gas supplies.
The Euro fell 0.25% to $1.156 but is still set for a weekly increase of 1.3%. The Yen dropped 1% to 159.30 per dollar, yet remains on course for a 0.24% weekly gain.
The British Pound retreated 0.72% to $1.333, putting it on track for a weekly rise of approximately 0.84% against the dollar. Meanwhile, the US Dollar Index (DXY) rose 0.26% to 99.59 but is heading for a 0.94% weekly decline—its sharpest drop since late January.
The Australian Dollar slid 0.99% against the greenback to $0.702, though it is trending toward a weekly gain of 0.53% following a rate hike by the Reserve Bank of Australia (RBA) and expectations of further increases.
The Swiss Franc remained stable at 0.788 per dollar, heading for a weekly gain of 0.43%.
Agencies
