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The dollar snapped a three-day losing streak on Friday as the recent selloff eased, fueled by views that tightening measures in the Federal Reserve were largely discounted, and due to lower risk appetite in the markets.
The Dollar Index, which measures the greenback against the rest of the G7 currencies, rose 0.3% to a level of 95,157 points, but still ended the week down around 0.6%, marking its worst result in a week. since the beginning of September.
The dollar, which rose more than 6% against that basket of currencies in 2021, came under pressure this week despite Fed Chairman Jerome Powell saying the US economy is ready for the start of monetary policy. more restrictive and that data showed the highest annual increase in inflation in almost four decades.
Hedge funds’ dollar positioning near the highest levels since early 2020 has added to selling pressure on the currency this week, analysts said.
On Friday it fell 0.02% to a low in more than three weeks against the yen at 114.15 yen. The Japanese safe-haven currency has benefited from the recent deterioration in risk sentiment in global financial markets.
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