Dollar heads for weekly drop as traders pare Fed rate hike views

Published by
Reuters UK

By John McCrank NEW YORK (Reuters) – The dollar edged lower and was on track for its second-straight weekly decline as traders pared expectations for U.S. Federal Reserve interest rate hikes and as improving inflation and consumer spending data eased recession fears. The dollar index, which measures the safe-haven currency against a basket of six other major currencies, fell as low as 101.43, its weakest since April 25. On a weekly basis, it was down 1.3%, following a 1.45% decline the previous week. At 10:45 a.m. Eastern time (1445 GMT), the dollar was down 0.147% at 101.57. The greenback hit…

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