Monetary policy guidance and strong U.S. data failed to provide another push higher for the greenback last week. Fed Chair Janet Yellen made a blunt statement in her testimony before Congress that it would be unwise to wait too long to tighten monetary policy.
The U.S. dollar is higher against most major pairs ahead of the Presidents Day long weekend. American economic fundamentals had a strong week, but failed to gain traction given the rise of political risk as Trump's Administration continues to send mixed messages to markets. The stock market and safe havens like gold and the Japanese yen finished higher against the dollar in a very political week.
Stock markets were explosively volatile this week, with most areas sprinting into record levels as the mixture of stabilizing oil prices and improving economic data across the globe boosted risk appetite.
Falls for the euro and the pound dominated trade in the major global currencies on Friday, hit by a combination of nerves over upcoming French elections and signs British consumers are beginning to struggle in the face of the Brexit effect.
World stocks hit an all-time high on Thursday as the latest round of robust global data matched hopes that major economies like the United States will soon be serving up large helpings of fiscal stimulus.
World stocks rose to a whisker off all-time highs on Wednesday and the dollar rose for the 11th straight day following Federal Reserve Chair Janet Yellen's flagging of a possible interest rate rise next month.
The dollar chalked up its 11th straight daily rise on Wednesday, as investors' focus moved to inflation data in the United States for more support for the idea of a rise in Federal Reserve interest rates next month.
The dollar stumbled against major currencies on Tuesday as investors reined in any expectations for a March rise in U.S. interest rates and U.S. President Donald Trump's national security advisor Michael Flynn quit in a row over Russia.
The European Central Bank never tries to manipulate the euro exchange rate for trade or competitive policy reasons, French Finance Minister Michel Sapin said in an interview published on Monday, echoing other politicians rejection of U.S. claims.