Dollar notches weekly gain as traders reassess rate cut expectations
interest rate cuts and with the view that President-elect Donald Trump's policies could be inflationary.
The dollar has benefited from market expectation that Trump administration policies, including tariffs and tax cuts, could stoke inflation, leaving the Federal Reserve less room to cut interest rates.
Fed Chairman Jerome Powell said on Thursday the U.S. central bank did not need to rush to lower interest rates, prompting traders to axe their more aggressive bets on a rate cut next month and beyond.
The greenback was set to notch a weekly gain against the Japanese yen after it traded above 156 yen this week for the first time since July. It was last down 1.4% to 154.145 per dollar.
The euro was headed for the second straight week of losses after slumping to its lowest level since October 2023. It was last up at $1.054025.
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