The Dollar was lower against the Japanese Yen on Friday as traders bet that monetary policy tightening from the Bank of Japan remains imminent.
The dollar also slipped, approaching a nine-month low against the euro amid market expectations that the European Central Bank will announce an interest rate hike next week to double the Federal Reserve rate. ).
The dollar fell 0.43% to 129.65 yen in early trading after data showed that consumer price inflation in Japan hit a 42-year high this month, adding to pressure on the greenback.
During the week, the dollar remained stable against the yen, after oscillating between gains and losses.
By contrast, the euro is heading for a gain of 0.4 percent since last Friday, for the third straight week. During the day, it was up 0.07% to settle at $1.08975.
The dollar index, which measures the US currency against six major currencies including the euro, yen and sterling, fell 0.04 percent to 101.70, down 0.28 percent on the week. This would be its third consecutive weekly drop.
The pound is on course for a third weekly gain against the dollar, up 0.1 percent. It settled at $1.2411 on Friday.
The risk-sensitive Aussie dollar was up 0.11% to hit $0.71225 after hitting a seven-month high of $0.71425 on Thursday.
The Australian dollar gained 2.17 percent for the week, its biggest weekly gain since early November.
Source: EuroNews
I am Ben Stock, a highly experienced professional with over 7 years of experience in the news industry. I specialize in market section writing and have published numerous high-quality articles on various topics under my name. My passion for journalism has helped me to develop an in-depth understanding of the industry, enabling me to stay up-to-date on all the latest trends and developments.
