Dollar set to carry out weekly gain as traders weigh U.S. rates
Istanbul, July 19 (Hibya) - The dollar was steady and poised to snap a two-week losing run on Friday as U.S. labor and manufacturing data kept traders pondering on when and by how much the Federal Reserve would cut rates this year.
The yen wobbled at 157.24 per dollar after touching a six-week high of 155.375 on Thursday in the wake of suspected interventions by Tokyo last week that could total nearly 6 trillion yen, according to data from Bank of Japan.
The dollar index, which measures the U.S. currency against six rivals, was at 104.21, up from a four-month low of 103.64 it touched on Wednesday. The index is set for a 0.16 percent gain for the week after two weeks of losses.
The Federal Reserve is scheduled to meet at the end of July where markets anticipate a very low chance of the central bank cutting rates. Traders though are fully pricing in a 25 basis points of easing for the Fed’s September meeting.
The euro was little changed at $1.0893 in early Asian hours after a 0.4 percent drop in the previous session as the European Central Bank kept rates steady and gave no insight into its next move.
The euro had touched a four-month high of $1.0947 on Wednesday, recouping all the losses of the past few weeks when it came under pressure from uncertainty about the French election.
Sterling was last flat at 1.2942 after a 0.5 percent slide in the previous session as data showed wages in Britain grew at a slower pace, but was still strong enough to keep doubts about a rate cut from the Bank of England afloat.
The pound touched a one-year on Wednesday and is up 1.7 percent for the year. In other currencies, the Australian dollar eased 0.11 percent to $0.66985, while the New Zealand dollar was 0.22 percent lower at $0.6032.
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