"Dollar heads for best week since February as hawks linger"

" Dollar heads for best week since February as hawks linger \r\n\r\nThe greenback is set for its biggest weekly gain in nearly five months as bullish traders offered respite for a currency that has been battered so far in July.\r\n\r\nA Bloomberg gauge of the dollar\u2019s strength advanced more than 1% in the five-day stretch ending Friday as the greenback clawed its way back from the 15-month lows it touched amid last week\u2019s selling frenzy. The Bloomberg Dollar Spot Index is now down roughly 1.4% for month.\r\n\r\nThe partial recovery in the greenback comes as traders eye a packed slate of central bank meetings next week. The Federal Reserve meets on Wednesday, while the European Central Bank convenes on Thursday and the Bank of Japan Friday.\r\n\r\n\u201cThe narrative has shifted back in the dollar\u2019s favor, at least for now,\u201d wrote Win Thin, global head of currency strategy at Brown Brothers Harriman & Co. \u201cWhat\u2019s noteworthy is that the relative story has changed from both sides. Developments in the eurozone, UK, and Japan have called the hawkish central bank outlooks there into question even as strong data here in the US support the hawkish Fed outlook.\u201d\r\n\r\nWith a rate increase from the Fed all but assured \u2014 at least according to pricing in the swaps markets \u2014 investors are turning their focus to any guidance on whether the central bank has reached the peak of its tightening cycle or if more hiking could be in store. Yields on 10-year Treasuries slipped over one basis point to 3.84% on Friday.\r\n\r\nIn Japan, meanwhile, persistent uncertainty over the fate of the BOJ\u2019s yield curve control program has weighed on the yen. A report overnight suggesting Japan\u2019s central bank is unlikely to alter its yield curve control program drove yen selling Friday, in turn providing a boost to the dollar.\r\n\r\nThe Japanese yen was the worst performer among G-10 currencies, falling 1.2% to bump up against the 142 per dollar level, while commodity currencies also came under pressure.\r\n\r\nWhether the greenback can extend its winning streak after the onslaught of monetary policy decisions is unclear.\r\n\r\n\u201cThe implications for the US dollar from a \u2018hawkish\u2019 hike could be significant as indicated by the FX performance around peaks of past Fed tightening cycles,\u201d said Valentin Marinov, head of G-10 FX research and strategy at Credit Agricole. \u201cIndeed, the US dollar rallied before but sold off after the Fed peak in the past.\u201d"

"Dollar heads for best week since February as hawks linger"

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