SYDNEY : The dollar headed for its largest weekly fall in eight months on Friday as investors trimmed long positions and deemed, for now, that several U.S. rate hikes this year are fully priced in.
The euro is up more than 0.8per cent for the week so far, and has punched out of a range it held since late November. At US$1.1457 it doesn't face strong chart resistance until US$1.1525. "Investors appear to be signalling that ending quantitative easing, hiking rates four times and commencing quantitative tightening all in the space of nine months is so aggressive that it will limit the scope for hikes further out," said Derek Halpenny, head of global markets research at MUFG.
The Antipodean currencies have also been roused from their ranges and will have traders looking closely at labour and inflation data in both countries this month for anything that might prompt further shifts in central bank rhetoric. [AUD/] The pound traded above its 200-day moving average on Thursday and is heading for a fourth consecutive weekly gain of more than 0.5per cent. It last bought US$1.3707. [GBP/]
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