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NEW YORK, Dec 13 - The dollar headed for its best weekly performance in a month on Friday, as investors priced in the possibility of the Federal Reserve cutting rates more slowly next year, while sterling fell after a surprise contraction in UK economic activity.
U.S. data on Thursday showed the job market is gradually cooling in line with expectations, while producer price inflation helped reinforce the market's current scenario of a Fed cut on Dec. 18, but a slower pace of reductions in 2025. San Francisco Fed President Mary Daly, for example, said this month that she was comfortable cutting rates in December, but advocated"a more thoughtful and cautious approach" on further reductions.The dollar rose 0.69% to 153.695 yen , its highest since late November. The yen has been the worst performer this week against the dollar, which has gained 2% on the Japanese currency.
"On the other hand, if the BoJ keeps rates unchanged, there’s a solid chance of a knee-jerk upside reaction."In Europe, the pound fell after data showed the UK economy shrank unexpectedly in October, adding to signs of a bigger-than-expected slowdown. The Office for National Statistics said the economy contracted 0.1% in October, compared with forecasts in a Reuters poll for growth of 0.1%.The euro pared earlier losses against the dollar and rose 0.26% to $1.04945.
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