Dollar drops, set for best weekly gain
The dollar fell on Friday morning in Asia but will see its best weekly gain in about a month. Meanwhile, investors worry over quicker-than-expected interest rate hike in the United States and losses caused by the coronavirus pandemic.
The U.S. Dollar Index that measures the greenback against other major currencies tallied a 0.06% crash to 92.575.
The USD/JPY pair rose 0.09% to 109.95, while the AUD/USD pair also climbed 0.15% to 0.7438.
The USD/CNY pair jumped 0.13% to 6.4655, and the GBP/USD pair rose 0.07% to 13838.
Across the Tasman Sea, the NZD/USD pair inched up 0.57% to 0.7020.
New Zealand’s consumer price index (CPI) in the second quarter grew higher-than-expected 3.3% year-on-year and 1.3% quarter-on-quarter.
The Reserve Bank of New Zealand has an 86% chance of increasing interest rates in August. Should the central bank do so, it will be the first developed-market central bank to exit from emergency policy settings.