Forex Market Update : Epic Research Singapore

The dollar surged against its main rivals Friday and logged its first weekly gain out of four against the Japanese yen after a raft of economic data challenged the idea the U.S. is tipping toward recession.

Stronger economic reports might embolden select Federal Reserve policy makers who believe the group should be open to raising interest rates at the Fed’s next meeting in March, lifting the appeal of dollar-denominated assets.

In reaction, the dollar USDJPY, +0.88%  traded at ¥113.88 late Friday in New York, compared with ¥112.94 late Thursday in New York. It was up 1.1% on the week, but remains down 5.6% since the beginning of the year.


Meanwhile, the U.S. currency clinched its second straight weekly gain against the euro EURUSD, -0.7805% which fell to $1.0931 late Friday from $1.1024 Thursday. The pound GBPUSD, -0.6446% traded at $1.3854 late Friday, a new seven year low, compared with $1.3977 Thursday.

The ICE U.S. Dollar index DXY, +0.66% a measure of the dollar’s strength against a basket of six rivals, was up 0.9% at 98.1470.

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