The dollar recoiled from recent peaks in Asia on Friday as a hawkish rate hike from the European Central Bank lifted the euro and investors looked to U.S. inflation data early next week.
Profit-taking after a sharp extension of the dollar's long rally also took hold and the pullback was broad. The Aussie, kiwi, sterling and yen were all headed for their best daily jumps in a month and the dollar index looked set for its first weekly loss in four weeks.
The euro rose 0.8% to $1.0072. The Aussie rose 1.2% to $0.6834. Sterling rose 0.8% to $1.1590, repairing a modest dip made after the death of Queen Elizabeth.The yen rose about 0.9%, helped by Bank of Japan Governor Haruhiko Kuroda joining a chorus of policymakers voicing discomfort over sharper falls in the yen this week."The market is now positioning ahead of the U.S.
"With the Federal Reserve having a unified hawkish voice lately, any downside surprise could result in a big move." Federal Reserve Chair Jerome Powell's speech at a Cato Institute conference on Thursday reaffirmed the central bank's aggressive stance against inflation and markets are pricing in an 85% chance of a 75 basis point hike this month.
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