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USD:heads for biggest weekly loss

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The U.S. dollar fell again on Friday, stacking up the losses for the U.S. currency, which is on pace for its worst weekly performance in two years.

What are currencies doing?

The ICE U.S. Dollar Index DXY, -0.24% a measure of the currency against six main rivals, fell 0.2% to 88.383 on Friday. Down 2.3% as of Thursday, the index is on track for its worst weekly performance since the week ending Feb. 5, 2016, when it fell 2.6%, according to FactSet Research.

The broader WSJ U.S. Dollar Index BUXX, -0.20% was down 0.2% at 82.57. Week-to-date it is down 1.8%, on pace to match a weekly low last hit in July, 29, 2016, when it fell 1.8%.

The greenback once again declined against the Japanese yen USDJPY, -0.23% USDJPY, -0.23% dropping 0.3% to ¥105.77 to hover at the lowest level since November 2016. That compares with ¥106.01 late Thursday. The yen, considered a haven for investors in times of economic and financial turmoil, has been on the rise since last week’s global stock-market pullback.

Versus the Swiss franc USDCHF, -0.2061% also a haven asset, the dollar eased to 0.9201 francs. That compares with 0.9221 francs late Thursday, the lowest level since mid-2015.

The British pound GBPUSD, +0.1560%  rose to $1.4131 from $1.4100. Meanwhile, the euro EURUSD, +0.2079%  climbed to $1.2536, from $1.2507.

One dollar against Canada’s currency USDCAD, -0.1763% bought C$1.2463, down from C$1.2481 late Thursday.

What’s driving the market?

The dollar has lost ground this week after data showed a drop in U.S. retail sales and industrial production, accompanied by reports showing higher consumer and producer prices.

Rising inflation data lifted expectations for possibly a fourth interest-rate rise in 2018 by the U.S. Federal Reserve, yet that failed to cheer the greenback. Interest-rate hikes tend to strengthen the currency of the country raising rates.

Investors may keep a closer eye than normal on import prices scheduled for release later Friday, given recent inflation concerns.

The yen’s persistent weakness triggered a comment Friday from Japanese finance minister. Taro Aso said the exchange-rate stability is important to officials who “will take appropriate action at the appropriate time, if needed,” according to The Wall Street Journal report.

Investors will be waiting to see if new appointments at the Bank of Japan will affect monetary policy. As expected, current BOJ Gov. Haruhiko Kuroda was nominated for a second term as head of the central bank.

What data are on deck?

Readings on U.S. housing starts and building permits for January are due at 8:30 a.m. Eastern Time, as is a report on import prices for the same month.

A poll of analysts surveyed by FactSet were forecasting a 0.7% rise in import prices for January, compared with a 0.1% rise in the previous month.

The University of Michigan’s consumer sentiment index for February is due at 10 a.m. Eastern Time.

Ahead of that data, U.K. retail sales for January will be released. A consensus of analysts surveyed by FactSet are calling for an annual rise of 2.4% versus a 1.4% gain in December.

Source:marketwatch.com

The U.S. dollar fell again on Friday, stacking up the losses for the U.S. currency, which is on pace for its worst weekly performance in two years.

What are currencies doing?

The ICE U.S. Dollar Index DXY, -0.24% a measure of the currency against six main rivals, fell 0.2% to 88.383 on Friday. Down 2.3% as of Thursday, the index is on track for its worst weekly performance since the week ending Feb. 5, 2016, when it fell 2.6%, according to FactSet Research.

The broader WSJ U.S. Dollar Index BUXX, -0.20% was down 0.2% at 82.57. Week-to-date it is down 1.8%, on pace to match a weekly low last hit in July, 29, 2016, when it fell 1.8%.

The greenback once again declined against the Japanese yen USDJPY, -0.23% USDJPY, -0.23% dropping 0.3% to ¥105.77 to hover at the lowest level since November 2016. That compares with ¥106.01 late Thursday. The yen, considered a haven for investors in times of economic and financial turmoil, has been on the rise since last week’s global stock-market pullback.

Versus the Swiss franc USDCHF, -0.2061% also a haven asset, the dollar eased to 0.9201 francs. That compares with 0.9221 francs late Thursday, the lowest level since mid-2015.

The British pound GBPUSD, +0.1560%  rose to $1.4131 from $1.4100. Meanwhile, the euro EURUSD, +0.2079%  climbed to $1.2536, from $1.2507.

One dollar against Canada’s currency USDCAD, -0.1763% bought C$1.2463, down from C$1.2481 late Thursday.

What’s driving the market?

The dollar has lost ground this week after data showed a drop in U.S. retail sales and industrial production, accompanied by reports showing higher consumer and producer prices.

Rising inflation data lifted expectations for possibly a fourth interest-rate rise in 2018 by the U.S. Federal Reserve, yet that failed to cheer the greenback. Interest-rate hikes tend to strengthen the currency of the country raising rates.

Investors may keep a closer eye than normal on import prices scheduled for release later Friday, given recent inflation concerns.

The yen’s persistent weakness triggered a comment Friday from Japanese finance minister. Taro Aso said the exchange-rate stability is important to officials who “will take appropriate action at the appropriate time, if needed,” according to The Wall Street Journal report.

Investors will be waiting to see if new appointments at the Bank of Japan will affect monetary policy. As expected, current BOJ Gov. Haruhiko Kuroda was nominated for a second term as head of the central bank.

What data are on deck?

Readings on U.S. housing starts and building permits for January are due at 8:30 a.m. Eastern Time, as is a report on import prices for the same month.

A poll of analysts surveyed by FactSet were forecasting a 0.7% rise in import prices for January, compared with a 0.1% rise in the previous month.

The University of Michigan’s consumer sentiment index for February is due at 10 a.m. Eastern Time.

Ahead of that data, U.K. retail sales for January will be released. A consensus of analysts surveyed by FactSet are calling for an annual rise of 2.4% versus a 1.4% gain in December.

Source:marketwatch.com

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