The dollar is on its way to record weekly losses

The dollar rose strongly on Friday, but remained on track for its biggest weekly loss since the end of May after weak US economic data.

The euro fell after climbing to a more than two-week high on Thursday when the European Central Bank raised lending costs in its first rate hike since 2011.

The dollar index, which measures the greenback’s performance against six major currencies, jumped 0.35 percent to 106.98, following a 0.36 percent decline on Thursday.

But on a weekly basis, it remained down 0.95 percent, the largest decline since May 29 and the first weekly decline in four weeks.

The euro fell 0.44 percent to $1.0187, down from Thursday’s $1.0279 level, following a larger-than-expected rate hike by the European Central Bank.

The Japanese yen headed for its first weekly gain since the end of May, though the dollar’s recovery pared its gains.

The dollar rose 0.43 percent to 137.925 yen, after falling 0.67 percent in the evening, moving further away from its highest level in 24 years at 139.38 yen, which it reached last week.

As for the rest of the currencies, the pound sterling fell 0.35 percent to $1.1962, trimming its gains during the week to 0.8 percent, but it remains at its highest level since the end of May.

The Australian dollar fell 0.47% to $ 0.69035 and rose at a weekly level of 1.63%, but this remains its best performance since May 20.