The dollar index stabilized above 104 on Friday as investors looked ahead to the highly anticipated monthly jobs report for further insights into the economy's health.
The dollar also found support after President Donald Trump temporarily exempted certain Canadian and Mexican goods from the 25% tariffs imposed earlier in the week, raising hopes for additional concessions.
However, the index remains on track to lose more than 3% for the week, as the escalating trade war stoked concerns about the potential negative impact on the US economy, particularly given the heavy reliance of many US companies on free trade. This led investors to shift towards other safe-haven currencies, including the Japanese yen and Swiss franc.
The dollar also saw a sharp depreciation against the euro as investors anticipated a significant increase in public spending across Germany and other European nations to bolster defense.
Source: Trading Economics
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