The dollar heads for weekly loss amid market fluctuations
The dollar settled today, Friday, but is on track to end the week with losses after subdued US inflation data reduced expectations of interest rate hikes by the Federal Reserve, despite escalating tensions in the Middle East that increased demand for the currency as a safe haven. The euro reached 1.1437 dollars, recording a weekly gain of 0.2 percent, while the British pound hit 1.3476 dollars, achieving its third consecutive weekly increase of 0.56 percent. The dollar index remained steady at 100.72 points, but declined by 0.24 percent over the week. Meanwhile, the Australian and New Zealand dollars are heading toward their third consecutive weekly gains, despite the Australian dollar falling 0.24 percent to 0.6981 dollars, and the New Zealand dollar recording 0.5838 dollars. The Chinese yuan continues its course toward achieving its third consecutive weekly gain.
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