The dollar index, which tracks the greenback against a basket of currencies, remained near a 14-year high at 101.81.
The dollar has been on a tear ever since Donald Trump’s surprise presidential election victory on November 8. A Trump administration or “Trumponomics” was expected to boost fiscal stimulus and inflation in the U.S. Moreover, the recent strong economic data out of the U.S. and rising market expectations for a Fed hike in December are also helping to drive the greenback higher.
The dollar’s climb had spurred a selloff across emerging markets, dubbed a Trump tantrum.
The Australian dollar was steady at $0.7427 against the dollar late Friday morning, compared with levels below $0.735 last week.
“Commodity prices and oil supply cut headlines are providing essential support for the commodity bloc,” Stephen Innes, senior trader at Oanda, said in a note on Friday.
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