Thursday, 16 July 2020
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Dollar on Course For Weekly Loss as Fed Joins Rate Cut Camp

The dollar struggled to get on the front foot on Friday, and was poised for a weekly loss against major currencies after the U.S. Federal Reserve joined global peers with plans to cut interest rates to support flagging economic growth.

A decline in benchmark 10-year Treasury yields below 2% and a rise in gold above heavy technical resistance to a near six-year high suggested the dollar could face a period of prolonged selling pressure, traders and analysts say.

The dollar traded at 107.30 yen , slightly above a five-month low of 107.20 yen reached Thursday after Fed Chairman Jerome Powell signaled a rate cut at the next policy meeting in July.

The dollar index, which measures the U.S. currency against six of its peers, was at 96.615, down 1.0% on the week.

Sterling changed hands at $1.2707, on course for a 1.0% weekly gain, which would be its best performance in seven weeks.

Source : Reuters

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