A key dollar index recorded its second straight weekly loss Friday as the worsening selloff in crude oil raises concerns that it could slow the pace of any Federal Reserve interest-rate increases in 2016.The ICE U.S. Dollar index DXY, -0.31% a measure of the dollar’s strength against a basket of six rivals, was down 0.7% on the week to 97.5590.
Nymex-traded crude-oil futures CLF6, -3.81% suffered their biggest loss of the year, a decline that was largely due to a decision by the Organization of the Petroleum Exporting Countries to maintain its current production levels.
Though the dollar edged higher against the yen after a series of strong U.S. economic data early Friday, it remained lower on the day. It traded at USDJPY, -0.49% ¥120.88 late Friday in New York, down from ¥121.94 late Thursday, according to FactSet data.
The euro EURUSD, +0.4387% traded at $1.0985 late Friday, up from $1.0937 Thursday.
Elsewhere, the Chinese yuan USDCNY, +0.2578% traded in the onshore market fell to a 4½-year low as the People’s Bank of China continued to guide the currency lower. It traded at a low of 6.46 to the dollar, compared with 6.43 to the dollar when the Chinese market closed Thursday.
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