The dollar rose on Friday and was poised for its third straight week of gains against a basket of major currencies, as uncertainty over beleaguered Chinese property developer Evergrande helped the greenback bounce back from a sharp decline in the prior session.
The dollar scaled three-week peaks on Friday, supported by better-than-forecast U.S. retail sales data released on Thursday that backed expectations for a reduction of asset purchases by the Federal Reserve before the end of the year.
The dollar climbed to a two-week peak against a basket of major currencies on Monday, as investors continued to price in expectations that the U.S. Federal Reserve could reduce its asset purchases sooner rather than later despite a surge in COVID-19 cases.
The dollar fell for a fourth straight day against a basket of other major currencies on Friday after a much weaker than expected U.S. payrolls report that is likely to keep the Federal Reserve at bay in scaling back its massive stimulus measures.
The Euro felt the force of the US Federal reserve yesterday and has hit a fresh 9 month low against its US counterpart after the US central bank yesterday conveyed to the market that a reduction in stimulus was in the way this year