Dollar heads for biggest weekly gain since February
Timilehin Adejumobi
1 min read
The U.S. dollar edged higher on Friday and was heading for its biggest weekly gain since February.
The euro was down marginally against the dollar at $1.091, after falling to its lowest since April 11 the previous day at $1.09.
Analysts said that the dollar may have benefited from its status as a safe-haven investment this week, with the U.S. debt ceiling standoff and some further worries about banks unnerving investors.
Shares in U.S. lender PacWest plunged 23% on Thursday after revealing a sharp drop in deposits.
They also said the dollar was likely just rebounding after a period of weakness.
“We are entering a more defensive state generally,” Carl Hammer, chief strategist at European bank SEB, said.
The dollar index was very slightly higher at 102.11 on Friday, on its way to a weekly gain of 0.84%.
But the overall trend for the greenback remained down. It has fallen more than 11% since hitting a 20-year high last year and has slipped in seven of the last nine weeks.
This report’s information was first seen on REUTERS; to read more, click this link.
