Economic news

Dollar retreats from 11-month peak; sterling firm after BOE meeting

The dollar fell from an 11-month high versus a basket of major peers on Friday as traders took profits after the currency’s recent rally, while the pound bounced back from a seven-month trough after a slightly hawkish tone from the Bank of England supported the market.

Photo: Reuters

The dollar index .DXY was virtually unchanged at 94.81 after hitting 95.533 in the previous session, its top since last July.

Versus the yen, the U.S. currency last traded at 110.02 yen, retreating from a one-week peak of 110.76 breached in the previous session amid rising worries over the trade row between the U.S. and China.

The euro recovered from a fresh 11-month weak mark of $1.1508 it scaled overnight after testing technical support in the $1.15 area. It last traded at $1.1609, rising 0.05 percent on the day.

The pound was steady at $1.3262, near Thursday's peak of $1.3270.

The Canadian dollar firmed at C$1.3300 after touching a fresh one-year trough of C$ 1.3336 overnight, when it was dragged down by lower crude prices.

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