The US dollar index on Friday reached a five-week high and was on track for its biggest weekly gain since April 2020 as investors adjusted for the likelihood that the US Federal Reserve would keep hiking rates to battle inflation.
The US central bank needs to keep raising borrowing costs to tame decades-high inflation, a string of US central bank officials said on Thursday, even as they debated how fast and how high to lift them.
“They still have their work cut out for them, and I don’t think the market was really positioned that way after the July FOMC [US Federal Open Market Committee],” said Bipan Rai, North American head of FX strategy at CIBC Capital Markets in Toronto.
Photo: AFP
The New Taiwan dollar on Friday fell…
