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Jul 28, 2020 12:04 Dollar heads for weekly gain!
The dollar headed for its best week in a month on Friday as a resurgence in coronavirus cases knocked confidence in a rapid economic recovery and drove investors to the safety of the world's reserve currency.
The dollar traded near a two-week high against a basket of currencies (=USD) and has gained about 0.4% for the week, its largest weekly rise since mid-May. That stalled the rally in the risk-sensitive Australian and New Zealand dollars.
The Aussie was steady on Friday at $0.6854 and testing its 20-day moving average. The kiwi slipped to $0.6407, its lowest since Monday. The safe-haven Japanese yen firmed a fraction to 106.90 per dollar.
The British pound sat a fraction above a two-week low at $1.2403, under pressure as investors fretted that the Bank of England may not be planning enough bond buying to support confidence through 2021.
The euro (EUR=) was steady at $1.1200, a little above a two-week low of $1.1186 touched on Thursday. It has lost about 1.3% of its value against the dollar since a Tuesday top as questions grow about the political viability of the European Union's stimulus plan.
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