Dollar on for biggest weekly gain in two months

Currencies Direct January 17th 2014 - < 1 minute read

The dollar was on course for its
biggest weekly gain against its major currency peers on Friday
(January 17th) as investors viewed a string of data as positive for
more Fed tapering this month.

Bets the Fed will scale back its
monthly bond purchases again when policymakers meet at the end of
the month were supportive of the greenback, sending the dollar
index up half a cent for the week.

USD/JPY was steady on Friday at
104.32, having risen 0.2 per cent this week.

Data yesterday showed US jobless
claims decreased by 2,000 to 326,000 in the week ended January

However, the Department of Labor said the number
of people filing continuing unemployment claims rose to 3.03
million, up from 2.85 million, in the week to January 4th.

Employment data is being closely
watched by investors as it is seen as crucial for the Fed’s stance
on stimulus.

EUR/USD was down 0.1 per cent on
Friday at 1.3604, while sterling was also lower against the
greenback, with
down 0.25 per cent at 1.6314.

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Currencies Direct

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