The dollar surged on Friday to hit a six-week high against a basket of currencies as a bout of resilient economic data out of the United States raised market expectations that more interest rate hikes were in the offing.
, stoking fears that the Federal Reserve would have to raise rates higher than previously expected.
U.S. Treasury yields have also surged on the back of further hawkish rate repricing, with the two-year yields last at 4.6762%. The benchmark 10-year U.S. Treasury yield climbed to a top of 3.9010% on Friday, its highest since Dec. 30.Fed officials have also signalled that the U.S. central bank has further to go in raising rates, withsaying on Thursday that it likely should have lifted interest rates more than the 25-basis-point hike earlier this month.
Against the Japanese yen, the dollar surged over 0.6% to a more than one-month peak of 134.815, and was eyeing a weekly gain of roughly 2.5%, its best week since last August.academic Kazuo Ueda as its new central bank chief on expectations he can help keep inflation on target and sustain economic growth and wage hikes, finance minister Shunichi Suzuki said on Friday.
"It is expected that the most important task of nominee Governor Ueda will be to guide the BOJ to an exit of its ultra-accommodative policies," Jane Foley, head of FX strategy at Rabobank.Reporting by Rae Wee; Editing by Sonali Paul and Jamie Freed
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