Dollar Dips For The First Time In Seven Weeks – 19 May, 2022

The U.S. dollar was on track for its worst week against major peers since early February, pulled down by a retreat in Treasury yields and fatigue after the currency’s breathless 10%, 14-week surge. Against a basket of six major currencies, the dollar index was 1.5% lower to 102.96, on track to break a six week winning steak. Just a week earlier, it had soared to the highest since January 2003 at 105.01. The yen headed for a second-straight weekly advance, with the dollar dropping 1.16% to 127.785 yen since last Friday. The Swiss franc headed for its best week since March 2020, with the dollar falling 2.9% over the period to last trade at 0.97265 franc. The euro edged 0.07% lower on Friday to $1.05735, but was still on course for a 1.55% weekly gain. Sterling slipped 0.07% to $1.24615, but was up 1.66% for the week, its best showing since late 2020.