The dollar headed for a third weekly gain versus the euro, the longest stretch in two months, as signs of a sustained U.S. recovery boost speculation the Federal Reserve is moving toward raising interest rates.
The Bloomberg Dollar Spot Index approached the strongest since March as economists said data today will show U.S. employers boosted jobs and the Fed’s preferred gauge of inflation was near the most since 2012. The dollar rose for an 11th day versus the yen, the longest stretch since 2001. Australia’s dollar headed for a weekly loss as a private report showed Chinese manufacturing grew less than earlier estimated. Most Asian currencies fell including the Philippine peso and South Korean won.
“We’ve had data confirming that the U.S. economy is a bit stronger than what everyone previously thought, and the Fed is slowly, slowly moving toward normalizing policy,” said Janu Chan, an economist at St. George Bank Ltd. in Sydney. “The trend is for the dollar to move higher.”
Bloomberg
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