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Dollar Loses Ground Against The Euro

ByFinFX
Published 06/28/2013, 04:19 AM
Updated 02/21/2017, 08:25 AM

The dollar scaled a two-and-a-half week peak against the yen in Asia on Friday but lost ground against the euro after two more Federal Reserve officials sought to play down fears over the central bank's plan to gradually reduce stimulus.

Traders said some last minute positioning ahead of the end of the month and quarter helped the euro edge off a four-week trough, although the common currency was still headed for its second week of declines.

Japanese economic data on Friday signaled steady economic growth, but economists believe it may take more time to achieve sustained rises in prices even as the government's expansionary policies are making some progress towards ending years of entrenched deflation.

Japan's consumer prices stopped falling in May and labor demand reached its strongest level in five years, but the BOJ's two-year time frame for achieving its 2% inflation target still appears overly ambitious.

The dollar index, which tracks the greenback's performance against a basket of major currencies, was steady and on track for its second straight week of gains and its biggest two-week rally since November 2011.

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