Dollar steady after coming off two-year high, pressured by lower U.S. yields
TOKYO - The dollar was on track on Friday to post a small weekly loss after coming off two-year highs on lower U.S. yields as investors feared the Sino-U.S. trade dispute will hurt the U.S. economy more than previously thought.
Against a basket of key rival currencies, the dollar was largely unchanged at 97.878, having fallen from a two-year high of 98.371 overnight. That put the dollar on track for a 0.12% loss this week. There was only a 38.4% expectation on Thursday that U.S. interest rates will be at current levels in October, compared to 58.3% a month ago, according to the CME Group’s FedWatch tool.
Against the yen, the dollar edged down to 109.59 yen, extending losses overnight, when it gave up two-thirds of a percent, its steepest drop in a single session in two months.
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