Dollar on Track For Weekly Loss – 13 January, 2022

The dollar was on track for its biggest monthly drop in eight months as investors deemed that several U.S. rate hikes this year are fully priced in. With U.S. inflation at its highest since the early 1980’s, data shows selling has forced the greenback through key support in particular against the euro. The dollar index was 0.9% lower for the week, last holding at 94.849, on track for its largest weekly fall since May. The euro is up over 0.8%for the week to $1.1457. The New Zealand dollar is up 1.3% for the week at $0.6861, while the Aussie was briefly hovering around $0.7276. The pound was on track for its fourth consecutive weekly gain, up 0.5% to $1.3707.