Currencies
Dollar Caps Best Run in 18 Months on Fed Rethink, Haven Bid
- Greenback gains against all G-10 currencies except yen Friday
- Traders increasingly push back timing of first Fed rate cut
Underpinning the latest bout of dollar strength was a key reading of US consumer price growth that topped estimates Wednesday.
Photographer: Wakil Kohsar/AFP/Getty ImagesThis article is for subscribers only.
The strength of the US economy and the relative safety of the world’s most traded currency helped push the dollar to its biggest weekly gain in more than a year and a half.
The greenback sharply advanced alongside Treasuries Friday after a report that Israel is preparing for an imminent Iranian attack. The currency’s safe-haven status and hotter-than-expected inflation data sent a Bloomberg gauge of the dollar up more than 1.4% from Monday’s open to its close Friday — the largest weekly advance since September 2022.