Dollar set for biggest weekly rise in 2-1/2 months | Malay Mail

A US Dollar banknote is seen in this illustration taken May 26, 2020. — Reuters pic

“The dollar’s loss-making momentum has stopped a little bit and the recent ECB comments on the euro has also helped but the broader direction of monetary policy making will be a key factor going ahead,” said Ulrich Leuchtmann, analyst at Commerzbank. The Nasdaq led the pullback with a decline of almost 5 per cent a day after it and the S&P 500 posted record closing highs. It was the third-biggest one-day fall from a record close and the big losses boosted demand for the greenback’s safe-haven status.

The dollar’s downtrend will continue for at least another three months due to the outlook for the Fed’s monetary policy, a Reuters poll of analysts showed on Friday.

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