Dollar Trims Its Weekly Advance, Yen Jumps 1%
The dollar is on pace to post its seventh consecutive weekly gain, its longest winning streak since February despite trading lower Friday. The yen jumped 1% Friday.
The Bloomberg Dollar Spot Index drops 0.3%, weekly gain at 1.4%.
US reported retail sales data that included large upside revision to the prior month’s figure.
Federal Reserve Bank of Boston President Susan Collins said a December interest-rate cut remains on the table.
Traders see an interest-rate cut next month as a coin toss.
“While the USD has lost some upward momentum at the end of this week, Trump’s picks for his leadership team have indicated that his disruptive policy agenda is likely to be implemented,” strategists at MUFG wrote in a note.
USD/JPY falls 1% to 154.75; Japan’s Finance Minister Katsunobu Kato said authorities are monitoring the forex market with a high sense of urgency and will respond to any excessive moves.
GBP/USD fell 0.2% 1.2637, it is down a seventh week, the longest streak in a decade.
The UK economy cooled by more than expected in the third quarter after a surprise contraction in September as anxiety built over the new Labour government’s fiscal plans.
EUR/USD traded near flat, down 1.7% on the week.
China’s economy showed encouraging signs as retail sales grew at the strongest pace in eight months.
Source : Bloomberg
