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Market Update: Dollar Hits One-Week High
The dollar index regained ground on Friday, touching a one-week high of 91.60, as investors cheered new signs that a reopening economy is driving growth. The University of Michigan’s consumer sentiment came above market expectations while jobless claims fell to a new pre-pandemic low. On top of that, markets shrugged off Thursday’s high US inflation data, digesting the Federal Reserve’s narrative that it is likely to be a temporary blip and because of supply and demand imbalances. Investors now turn their attention to the Fed’s monetary policy decision next week, expecting that the central bank will continue to remain ultra-accommodative until the economy has further recovered. As a result, the US currency rose almost 0.5% this week, on track for its second consecutive week of gains. [/s2If]
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