The dollar was headed for its longest weekly winning streak in nine years on Friday, bolstered by a resilient run of U.S. economic data that has also put the end of the Federal Reserve's rate-hike cycle into question. In Asia, traders were keenly watching moves in the Chinese currency, after the onshore yuan tumbled to a 16-year low in the previous session. The U.S. dollar index, which measures the greenback against its major peers, steadied at 105.02 in early trade, not far from the previous session's six-month high of 105.15.
SINGAPORE - The dollar was headed for its longest weekly winning streak in nine years on Friday, bolstered by a resilient run of U.S. economic data that has also put the end of the Federal Reserve's rate-hike cycle into question.
"This week's story was very much about the resilience we've seen in the data ... the market's psychology is that things just look so much better in the U.S. than they do elsewhere in the world," said Ray Attrill, head of FX strategy at National Australia Bank. Sterling similarly languished near Thursday's three-month low and last bought $1.2484, set to clock a weekly loss of more than 0.8%.The offshore yuan edged 0.05% higher to 7.3379 per dollar, but remained not far from a 10-month low of 7.3490 hit in August. It is on track for a weekly loss of nearly 1% against the dollar, its worst week in about a month.
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