Dollar rises on Friday but heads for weekly decline as rate cuts expected – Reports

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The US dollar strengthened on Friday but was on track for a weekly decline as weakening economic data led traders to anticipate further interest rate cuts this year. The dollar index gained 0.21% to 98.19, but was still set to record a weekly loss of around 0.5%.

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The dollar’s recent decline was triggered by last week’s jobs report, which showed employers added fewer jobs than expected in July, while job gains from previous months were also revised downward. According to Osborne, Friday’s gain was likely consolidation, with no fresh news to drive direction.

The euro, on the other hand, fell 0.09% to $1.1655. Investors are closely watching the US Federal Reserve’s moves, particularly after US President Donald Trump’s nominations to the Fed. Trump’s nominations have added to market uncertainty, influencing traders’ expectations of interest rate cuts.

The market’s focus remains on the Fed’s monetary policy decisions, with traders pricing in the probability of more rate cuts this year. The dollar’s weekly performance will likely be influenced by ongoing economic data and Fed policy developments

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