U.S. dollar stands tall, euro falters as markets ‘recalibrate’.
The dollar climbed on Friday against major peers, including the euro, which was set for its first weekly drop this month, as a busy week for central banks wrapped up and caution remained about the impact of a global trade war.
The U.S. dollar index, measured against a basket of six counterparts, was 0.19% higher at 103.99, after strengthening 0.36% on Thursday – its best single-day performance for three weeks – after the Federal Reserve indicated it was in no rush to cut interest rates.
The euro, which has by far the heaviest weighting in the dollar index, slipped 0.15% to $1.0836 after dropping 0.45% on Thursday. It is set to end the week 0.4% lower after a strong two-week run following Germany’s massive spending plans.
Germany’s Bundesrat, the upper house of parliament, passed a reform of the country’s borrowing rules and a 500-billion-euro fund to revamp its infrastructure and revive Europe’s largest economy. The proposals passed the lower house of parliament on Tuesday.
Source: Globalbanking&finance
