Dollar dips but on track for third consecutive weekly gain
LONDON/NEW YORK (Reuters) -The U.S. dollar lost some ground on Friday as high inflation wreaked havoc on consumer sentiment, but the greenback was on track for its third straight weekly gain after a surprisingly strong U.S. inflation print shocked markets on Wednesday, prompting investors to advance their bets for a U.S rate hike.
FILE PHOTO: Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking
The dollar turned red on Friday morning after the University of Michigan survey showed a plunge in U.S. consumer sentiment in early November to its lowest level in a decade as surging inflation cut into households’ living standards, with few believing policymakers are taking sufficient steps to mitigate the issue.
With short-dated U.S. Treasury yields edging higher — five-year bond yields rose to a February 2020…
