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EUR/USD edges up but stays on course for third weekly drop

The pair was around 1.1400 after slipping to 1.1359 on Thursday, its lowest level since July 28.

Reported · Written up by our desk · Major Pairs

EUR/USD edged higher on Friday as the US dollar paused after a strong weekly rally, letting the euro recover some ground, FXStreet reported. Even with the uptick, the pair remained on track for a third consecutive weekly decline.

At the time of writing, EUR/USD traded around 1.1400 after falling to 1.1359 on Thursday, its lowest level since July 28. The dollar’s weeklong strength reflected rising expectations that the Federal Reserve could raise rates again after last week’s 25-basis-point hike.

FXStreet said Fed officials’ comments that additional tightening may be needed to bring inflation back to 2% supported higher yields and the US dollar. The US Dollar Index was around 101 after reaching 101.40 on Thursday, while the 10-year US Treasury yield hovered near 5.22%.

Friday’s US data were mixed, with the University of Michigan Consumer Sentiment Index rising to 48.1 in September from 47.8, versus expectations of 47.6. The report ended after noting the sentiment improvement, without adding the next data point in the provided text.

Latest closeEUR/USD 1.138 ▼0.6%|Dollar index 101.29 ▲0.2%

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