Dollar heads for weekly gain as investors weigh rates, recession risks
U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. REUTERS/Dado Ruvic/File Photo
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TOKYO, July 1 (Reuters) – 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 U.S. 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. read more
For the week, it has gained 0.66% in a complex push and pull as fears of a global slowdown burnished the greenback’s appeal due to its haven status. The market will be watching for weakness in U.S. ISM manufacturing figures due later in the day.
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“USD sentiment has…
