Dollar set for sparkling week as hike expectations surge

Industry
Published by
Reuters UK

By Tom Westbrook SINGAPORE (Reuters) – The dollar was headed for its best week in seven months on Friday, driven higher by a flight from risky assets and markets pricing a year ahead of aggressive hikes in U.S. interest rates. Federal Reserve chair Jerome Powell unleashed bets on five or more hikes this year after he left the door open on Wednesday to raising rates faster than in previous cycles. Data showing the best annual U.S. growth in nearly four decades didn’t hurt either. Gains paused in the Asia session, leaving other major currencies to nurse losses. The euro crept marginally higher t…

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