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Forex - Dollar Snaps 3-Day Losing Streak on Firmer U.S. Import Data
Published Oct 12, 2018 01:14PM ET
Updated Oct 12, 2018 01:23PM ET
© Reuters. The dollar rose on Friday, but remained on track for a weekly loss.
Investing.com - The dollar found its footing against its rivals Friday on firmer U.S. import data and weakness in the euro and sterling.
The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.29% to 94.96.
The cost of goods imported into the U.S., as measured by the import price index, rose 0.5% last month, exceeding economists' forecasts for a 0.2% increased. That was the first increase in four months, driven by a rise in energy prices.
The rise in greenback, however, appeared too little too late as it remained on track for a weekly loss after ceding ground against sterling and the euro.
GBP/USD fell 0.60% to $1.3154, while EUR/USD fell 0.234% to $1.1553, But both pairs remained on track for a weekly gain amid rising investor hopes that the U.K. and European Union will reach an agreement on a Brexit deal as soon as next week.
A rebound in global markets, meanwhile, failed to tempt traders to abandon their safe-haven holdings of yen, as analysts warned Friday's bounce in global markets may turn out to be nothing more than a relief rally.
USD/JPY fell 0.11% to Y112.04 and remained on track for the biggest weekly loss since February.
USD/CAD rose 0.06% to C$1.3041 as oil prices were set for a timid end to the week following a steep decline on Thursday.
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