Friday, June 18th, the dollar is set to record its best weekly performance in nearly 9 months as investors raced to consider an end to US monetary stimulus sooner than expected in the days following a sudden shift in the US Federal Reserve’s tone.<\/p>\n\n\n\n
Since Wednesday, when US central bank officials predicted possible interest rate increases in 2023, the dollar has gained about 1.8% against the euro and more than 2% against its Australian counterpart and the negative-yielding franc as short-selling currency borrowers scrambled to close their positions.<\/p>\n\n\n\n
The dollar index rose above its 200-day moving average, to reach its highest level in more than two months at 92.010, and is heading towards achieving a weekly gain of 1.6%, which is the largest since last September.<\/p>\n\n\n\n
The Australian and New Zealand currencies fell in Asian trading today, while most of the other major currencies were flat. The euro settled just over a two-month low of $1.1914.<\/p>\n\n\n\n
The Australian dollar hit its lowest level since December at $0.7521 today and the New Zealand dollar fell to its lowest level since April at $0.6982, in defiance of very positive reports on jobs in Australia and growth in New Zealand issued this week.<\/p>\n\n\n\n
The dollar is also set to rise 0.5% against the yen. The yen settled at 110.25 per dollar, after hitting an 11-week low of 110.82 on Thursday, little changed as the Bank of Japan kept its main policy steady as expected.<\/p>\n\n\n\n
The British pound fell 0.2% to $1.3900 and is heading towards incurring a weekly loss of 1.5%.<\/p>\n\n\n\n
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