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The Economic Times
The Economic Times

Dollar heads for weekly drop as jobs data dims Fed hike bets

The U.S. dollar was on track for the biggest weekly drop in nearly three months on Friday, after a tepid June jobs report pushed back markets expectations for Fed rate hikes, providing some relief for the embattled yen.

Softness in the greenback continued in early Asian trade, with the euro hovering ‌near its two-week ⁠peak at $1.1442. Sterling ⁠was also firm at $1.3361 and on track for a 1.2% weekly gain, its best in nearly three months.

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