Dollar inches higher against basket of major currencies

| Updated: October 24, 2017 22:40:42

Dollar set for best weekly gain in 2017

The dollar inched higher against a basket of major currencies on Friday and was on track for its biggest weekly gain so far this year as investors pondered the Trump administration’s tax plan.

The dollar index edged up 0.1 per cent to 93.211.DXY, reports Reuters.

While that was down from Thursday’s near six-week high of 93.666, the index has still risen 1.1 per cent this week, putting it on track for its biggest weekly gain since December.

The dollar has risen on renewed hopes for US tax reform, as well as comments from Federal Reserve Chair Janet Yellen that stressed the need for gradual interest rate hikes.

Against the yen, the dollar edged up 0.3 per cent to 112.66 yen JPY=. On Wednesday, the dollar had reached a 2-1/2 month high of 113.26 yen, buoyed by a rise in US bond yields.

Later on Friday, investors will turn their focus to US economic data, including the personal consumption expenditures (PCE) price index for August.

One focus for next week is US job data due on Oct. 6.

The euro eased 0.1 per cent to $1.1777 EUR=, but remained above Wednesday's trough of $1.1717, the common currency's lowest level in more than a month.

Sterling eased 0.2 per cent to $1.3418 GBP=D3.

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