dropped The dollar today, Friday, with traders awaiting US inflation data It should provide indications of the path of monetary tightening in the US central bank, after the European Central Bank announced the start of a rate hike next month.
The euro rose after falling on Thursday, but remained below its trading level before the European Central Bank meeting. The European Central announced that it would end its quantitative easing program on July 1, then raise interest rates by 25 basis points on July 21, and waved a larger rate hike in September.
The dollar index, which measures the performance of the US currency against a basket of major currencies, fell 0.1% to 103.17, but it remained high during the week after growth concerns encouraged investors to seek safe haven in the dollar, according to “Archyde.com”.
The euro rose 0.2% to $1.0631, after touching $1.0611 early in the session, its lowest since May 23.
The euro fell 0.92% against the dollar yesterday after a volatile session on the ECB’s statement.
The dollar lost some of its recent gains against the Japanese yen, falling 0.3% to 133.94 yen, but remained within a range of its highest level in 20 years on Thursday at 134.55 yen. The Norwegian krone made gains and was last up 0.2% at 10.176 against the euro.
The risk-sensitive Australian dollar also rose 0.3% to $0.7119, but it remained down 1.2% this week, affected by the decline in stock markets.
The British pound fell slightly to $1.2481.