The USD dollar rose on Friday to hit a six-week high against a basket of currencies as firming economic data from the U.S. raised market expectations that more rate hikes would occur. We quote this information based on tradingview.com website.

dolar usd
USD Dollar

 


The latest data release gave the U.S. dollar a boost, hitting the pound sterling, euro and yen to their latest six-week lows on Friday. That pushed the DXY to its highest peak in six weeks to 104.44. The latest data was 0.28% higher at 104.44 and on track for a third straight week of gains. On the other hand, the latest EUR/USD data fell around 0.34% lower at $1.0635, having hit a low of $1.0632 earlier in the session. Meanwhile, the pound sterling (GBP/USD) also fell by 0.32% to $1.1949. Likewise, NZD/USD has also declined in the last six weeks by $0.6216. The Aussie (AUD/USD) also plunged more than 0.6% to $0.68325, its lowest level since Jan. 6.


Market analyst at CMC Markets, Tina Teng said that the US economy based on the latest data shows a positive side where it is unlikely to experience a recession in the near future. "The market is pricing in higher rates for longer periods of time." U.S. Treasury yields have also surged supported by further hawkish rate repricing, with the two-year yield (US2YT=RR) holding at 4.6762%. The benchmark US 10-year Treasury yield (US10Y) rose to a peak of 3.9010% on Friday, the highest since Dec. 30. The market now expects interest rates to peak at around 5.29% in July. (FEDWATCH) Against the Japanese yen, the dollar jumped more than 0.6% to a more than one-month high of 134.815, and is eyeing a weekly gain of around 2.5%, its best week since last August.


"It is expected that the most important task of the candidate for Governor of Ueda is to guide the BOJ to exit ultra-accommodative policy (quantitative and qualitative easing)," Jane Foley, head of FX strategy at Rabobank. "That, however, does not mean that the BOJ will be in a hurry to change their course."

 

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