Dollar set for strong weekly rise as markets anticipate fewer rate cuts

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Dollar set for strong weekly rise as markets anticipate fewer rate cuts - Channel News Asia

Quick Summary:

NEW YORK/LONDON :The U.S.dollar was set for its biggest weekly gain in over a month on Friday, as markets reassessed expectations of future interest rate cuts and with the view that President-elect Donald Trump's policies could stoke inflation.

In cryptocurrencies, bitcoin traded just below $90,000, as some investors took profits after a stellar run.Bitcoin fell 0.25 per cent to $88,091.00.Ethereum declined 2.99 per cent to $3,025.61.

The pound showed little reaction to data showing Britain's economy contracted unexpectedly in September and growth slowed to a crawl over the third quarter.