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The greenback is prepped for experiencing weekly drops not seen since the beginning of the year

02 Feb,2024
The greenback is prepped for experiencing weekly drops not seen since the beginning of the year

The dollar was poised for weekly drops this year, pressured by dipped US bond yields due to anxiety in the banking industry, while traders looked for signs on when the Fed might start lowering rates, U.S. jobs data was scheduled for release later on Friday.

The dollar index that gauges the greenback versus its major pairs dipped by 0.2% at 102.93.

The greenback index is poised for a weekly fall of 0.5%, the first week dip seen since the start of the year, and the largest experienced loss since the middle of December.

EUR/USD advanced by 0.2% at $1.0885, adding to previous gains seen on Thursday by 0.49%.

GBP/USD added 0.15% at $1.2761, having gained 0.43% the earlier day.

USD/JPY rose at 146.75, post slumping earlier by almost 1% during the week.

The CME FedWatch tool indicates that market pricing currently projects a 37.5% possibility of a Fed cut in March, down from almost 70% a month earlier.

 

 

 

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