Dollar retreats, headed for biggest weekly loss since mid-January; bitcoin down
The U.S. dollar slid from a 2-1/2-month high versus the Japanese yen on Friday, on track for its largest weekly loss since mid-January against a basket of six major currencies, as traders stepped back to gauge the path for Federal Reserve policy.Analysts said the market has for the most part priced in the prospect of a higher terminal fed funds rate after the recent run of upbeat U.S.
economic data.The yen, which is sensitive to U.S.-Japan long-term rate differentials, looked set to halt its six-week losing streak against the dollar, as it gained strength with 10-year U.S.
yields retreating from a nearly four-month high close to 4.1%.Cryptocurrencies, on the other hand, took a beating as the crisis surrounding Silvergate Bank worsened, with industry heavyweights such as Coinbase Global and Galaxy Digital dropping the lender as their banking partner.The dollar index, which measures the greenback's value against six major currencies, fell 0.3% to 104.60, from as high as 105.36 at the start of the week, its strongest level since Jan.
6. So far this week, the index has slid 0.5%, on pace for its biggest percentage fall since the week of Jan. 15.The greenback briefly pared losses after data showed the U.S.
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