Dollar heads for weekly gain as investors weigh rates, recession risks - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar was little changed against major peers on Friday, but was on track for its best week in four as investors weighed the boost from tighter Federal Reserve policy and the risks of a US recession.

The dollar index, which measures the currency against six counterparts, inched up 0.07% in Asian trading, after a 0.32% drop overnight when it was undermined by weaker-than-expected consumer spending data.

The odds are extremely low of the United States sliding into recession while the rest of the world does not, the strategists said. The Fed has lifted the policy rate by 150 basis points since March, with half of that coming last month in the central bank’s biggest hike since 1994.The European Central Bank is expected to raise interest rates this month for the first time in a decade, although economists are divided on the magnitude of any hike.

The euro slipped 0.16% to $1.0469 on Friday, retreating after dollar weakness on Thursday saw it rally 0.39% to come off a two-week low at $1.0381.

 

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