The dollar rode US Treasury yields higher on Friday and was set for its biggest weekly gain in more than two months, as mounting inflationary pressures from higher energy prices fuelled bets on a Federal Reserve rate hike this year.
The dollar’s climb gathered pace as traders in London came online, rising alongside US Treasury yields that hit one-year peaks, as traders ramped up bets that the Fed would need to raise rates this year.
Against the greenback, the euro fell to a one-month low of $1.1635 and was set to lose more than 1.2% for the week.
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