Stock Market Live Update: Dollar fell for the third consecutive week as investors pondered the Fed’s outlook.
The US dollar fell for a third straight week on Friday, hit by expectations of a rate cut next year as the Federal Reserve pushed back on the market’s dovish stance, sending the euro and sterling to their highest levels since October.
The euro was steady at $1.1741 in early Asian hours, after gaining 0.37% in the previous session, while the pound was slightly firmer at $1.33955. Both are set to rise for the third consecutive week as the dollar remains under pressure.
The dollar index, which measures the US currency against six major competitors, was at 98.34, with a weekly decline of 0.7% expected. The index is down more than 9% this year, its biggest annual decline since 2017.
The Japanese Yen took advantage of a weaker dollar and is set to break a two-week losing streak and post a slight gain this week. It reached 155.61 per dollar ahead of the Bank of Japan meeting next week, where the rate is expected to rise.