U.S. Dollar Heads for Worst Week Since 2013

The dollar weakened, heading for its biggest weekly loss since 2013 versus major peers. Oil traded near a six-year low and Treasuries were set for their best week since January.

The Bloomberg Dollar Spot Index dropped 0.3 percent by 12:03 p.m. in Tokyo, with the euro climbing 0.3 percent. China’s yuan rallied toward its biggest weekly gain since a peg to the greenback ended in 2005. The MSCI Asia Pacific Index fluctuated. Standard & Poor’s 500 Index futures were little changed, while the yield on 10-year U.S. notes dropped one basis point. U.S. oil was at $43.86 a barrel, set for a fifth weekly slump.

Most currencies strengthened versus the dollar this week as the Federal Reserve cut its forecasts for U.S. interest rates. Crude is back on the cusp of a bear market amid rising supplies. Bank of Japan Governor Haruhiko Kuroda and his Australian counterpart give speeches Friday, while European Union leaders continue to meet in Brussels as Greece struggles to meet creditors’ conditions for further aid.

Bloomberg

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