Dollar Dips on Hopeful Resolution, Euro Gains – 17 March, 2022

For the first time in dix weeks, the dollar was headed downwards versus major peers, hanging near a one week low as investors continued to assess the impact of the start of the Federal Reserve’s rate tightening cycle this week. Traders stayed optimistic for an end to the war in Ukraine, benefitting the euro. The dollar index last stood at 98.104 and is set for a 1.03% loss for the week. The euro was slightly weaker at $1.10795, but up 1.60% for the week, its first winning week in six. Sterling was 0.05% higher at $1.31525, on track for a 0.87% weekly gain, while the Aussie was little changed at $0.73725, on track for a 1.08% weekly advance. The yen weakened 0.14% to 118.775 per dollar, not far from a six-year trough of 119.13 reached Wednesday, and was on course for a 1.24% weekly decline.