Forex - U.S. Dollar Rallies While Sterling Falls By Investing.com

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Forex - U.S. Dollar Rallies While Sterling Falls

ForexOct 12, 2018 10:38AM ET

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© Reuters. The U.S. dollar rallied on Friday.

Investing.com - The U.S. dollar rallied on Friday, as investors gained back confidence in the economy and a four-day equity selloff ended.

The U.S. dollar index, which tracks the greenback against a basket of other currencies, was at 94.97 as of 10:37 AM ET (14:37 GMT).

The dollar had fallen this week as a selloff in equities and increasing bond yields put pressure on the greenback.

Cooling inflation data and solid bank quarterly results helped rally stocks and bolstered the dollar.

The pound was lower amid reports that UK officials wanted a longer transition period of leaving the European Union as a way to deal with the border issue with Northern Ireland. GBP/USD dipped 0.42% to 1.3177. The euro was pushed lower, with EUR/USD falling 0.39% to 1.1548.

The dollar slid slightly lower against the yen, with USD/JPY inching down 0.02% to 112.16. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The Australian dollar was flat, with AUD/USD up 0.03% to 0.7126, while NZD/USD dipped 0.11% to 0.6510 and USD/CAD decreased 0.02% to 1.3060.

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