The dollar headed for its worst week of the year today as unexpectedly strong economic data in Europe, downbeat U.S. jobs figures and a determinedly accommodative Federal Reserve have prompted investors to unwind some bets on the greenback.
The euro and yen are also poised for their largest weekly percentage gains in five months while the dollar index, which has fallen 1% this week, is parked near a two-week low at 92.066. Early in the Asia session, the euro sat above its 200-day moving average at $1.1916, just short of Thursday’s two-week top at $1.1928, while the yen pushed through its 20-day moving average to hold at 109.325 per dollar. The euro is up 1.4% against the dollar this week and the yen is up 1.3%.
Lungilwe Zingi
