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THE US dollar traded mixed and shy of its recent peak. This marked a correction in the currency after a week of gains and post bumper non-farm payroll numbers report which boosted speculation on more rate hikes from the Federal Reserve.
AMID the view that the Fed won’t speed up the pace of monetary tightening and after G20 financial leaders dropped a pledge to keep global trade free and open, the US Dollar Index came under selling pressure, falling by 0.6% this week to close at 99.73.
AHEAD of US jobs data, the US dollar hit seven-week highs for the week, appreciating by 0.95% to 93.96 amid better-than-expected economic data and hawkish comments from Fed Harker and Williams.
DRIVEN by the strong housing data and the European Central Bank’s (ECB) decision to bring forward some asset purchases, the US dollar index, DXY, appreciated and broke above the level of 95. Housing starts in US jumped 20.2% on month to 1.14 million, the most since November 2007.