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Barchart
Barchart
Rich Asplund

Dollar Moves Higher Ahead of Expected Fed Rate-Hike Next Week

US Federal Reserve BOJ ECB

The dollar index (DXY00) Friday rose by +0.22%.  The dollar on Friday moved higher for a fourth session and posted a 1-week high.  Weakness in the yen supported gains in the dollar as the yen on Friday dropped to a 1-1/2 week low against the dollar.  The dollar is also supported by nearly unanimous expectations for the Fed to raise the fed funds rate by +25 bp at next week’s FOMC meeting.

EUR/USD (^EURUSD) Friday fell by -0.09% and posted a 1-week low.  Strength in the dollar Friday weighed on the euro. Losses in EUR/USD were limited by expectations for the ECB to raise interest rates by +25 bp at next week’s policy meeting.

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