The safe-haven dollar slipped on Friday, giving back some of the previous session's strong gains, as traders continued to digest the implications of continued monetary tightening at the world's biggest central banks.
"I am with the market consensus and don't expect any policy change at the BOJ's December meeting, but I want to carefully watch for any comments from Governor Kuroda about the next leadership," said Takahiro Sekido, chief Japan strategist at MUFG.
"Market participants may take that as a signal for policy normalisation, and that may support a strong yen," added Sekido, who says the dollar may weaken to 125 yen over 2023.Sterling gained 0.3% to $1.22175, following a 1.99% tumble the previous day, its biggest since Nov. 3.on Thursday that more rate hikes are likely, though investors were less convinced, betting that the central bank might be getting close to the end of its tightening cycle.
For the week, the dollar index was on course for a 0.55% decline, keeping the broad downtrend in place since a peak in early October.The Australian dollar was 0.24% higher at $0.6716, recovering after a 2.38% slide overnight - its biggest since March 2020 - that saw it touch $0.6677 for the first time since Dec. 7.
The New Zealand dollar rebounded 0.38% to $0.6365 following a 1.84% tumble on Thursday, when it dipped to $0.6321, also a first since Dec. 7.
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