US dollar set to gain for the week

Finance | 23 Jul 2021 2:35 pm

The US dollar was set to end the week with small gains after a turbulent several days when currencies were tossed by shifting risk appetite, with the market's focus now on next week's U.S. Federal Reserve meeting, Reuters reports.

The dollar index was up by 0.2 percent for the week, rising slightly on Friday to stand at 92.902. But that was off a 3-1/2-month high of 93.194 hit on Wednesday, after strong Wall Street earnings helped investors regain some of the confidence lost to earlier worries the Delta variant of the coronavirus could derail the global economic recovery.

The safe-harbor yen weakened about 0.2 percent for the week and last traded at 110.30.

Meanwhile, the euro was 0.3 percent lower over the period at US$1.1766, with most of that coming overnight after the European Central Bank pledged to keep interest rates at record lows for even longer, as widely expected.

 



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