2024-02-16T05:53:02+00:00
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/ The dollar stabilized on Friday, on its way to achieving its fifth consecutive weekly gain, as investors evaluate economic data and strong expectations for the Federal Reserve to cut interest rates in June, while the yen traded at the psychologically important level of 150 to the dollar.
The dollar index, which measures the greenback against six major rivals, rose 0.09% to 104.35 on Friday, after falling 0.4% on Thursday. The index is on track for a weekly gain of 0.2%, its fifth straight.
The dollar fell on Thursday after a mixed batch of U.S. economic data, with retail sales falling more than expected in January, weighed down by lower revenues at auto dealerships and gas stations.
A separate report showed that initial claims for state unemployment benefits fell by 8,000 to a seasonally adjusted 212,000 for the week ended Feb. 10, further evidence that the U.S. labor market remains tight.