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The dollar strengthened against higher-yielding counterparts as Asian stocks declined after unrest in North Africa and the Middle East boosted oil prices, spurring concern the global recovery will falter.
The U.S. currency advanced versus 12 of its 16 major counterparts as Libyan rebels braced for renewed clashes with forces loyal to leader Muammar Qaddafi and Al Arabiya television reported Iranian protesters fought with security forces.
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As recently as last month, governments of emerging economies from South Africa to Brazil warned that competitive devaluations might be needed to keep their strengthening currencies from stifling economic growth.
Now, talk of currency controls is being abandoned and interest rates are rising as record food prices and oil at $100 a barrel make inflation the bigger threat. That means developing nations will keep outperforming in the foreign-exchange market, according to Morgan Stanley.
- The dollar fell broadly on Thursday, with further losses seen as likely, pressured by a surge in oil prices as investors feared civil unrest in Libya could spill over to other top producers including Saudi Arabia.
The safe-haven Swiss franc, on the other hand, hit a record high against the greenback, benefiting from the ongoing geopolitical turmoil in the Middle East. The franc has gained in eight of the last nine sessions versus the dollar.
Activity in the euro zone's private sector grew faster than expected this month, particularly in the bloc's factories, and the upturn is driving prices higher, business surveys showed on Monday.
Germany again led the way with record growth in manufacturing industry powering a strong expansion of its private sector, according to purchasing managers' surveys.
Group of 20 finance officials agreed to closer monitoring of global economic imbalances, in a step toward smoothing the trade and investment distortions that plunged the world into crisis.
Yardsticks such as the current account and public and private debt will make up a scoreboard that, while not binding, may give the U.S. and Europe leverage to push for an appreciation of China’s currency.
The United States has incited Brazil and India to criticize China's currency policy, but Beijing need not worry too much because it can defuse the tension through talks, a series of Chinese government advisers told Reuters.
Independent analysts warned, however, that a belief that Brazil and India are doing Washington's bidding and are not truly aggrieved could make Beijing complacent and undermine fledgling ties between the emerging powers.
The U.S. dollar is destined to continue gaining against the euro next week as the single currency enters a period filled with obstacles, from widening peripheral sovereign bond spreads to a hefty funding schedule and an abundance of key economic data.
While the euro hit a three-week low against the dollar on Friday and breached a widely perceived pivotal level of $1.35, it ended the week nearly unchanged. Technical analysts eyed a close below its 100-day moving average at $1.3542, for the first time since January 17, which would indicate the single euro zone currency should see further downside.
The dollar rose broadly on Thursday, boosted by data showing new U.S. jobless claims hit a 2-1/2-year low, while the euro slumped on worries over Europe's lack of progress in tackling its debt crisis.
The dollar rose for a seventh straight day against the yen. while the Swiss franc fell as safe-haven demand faded on reports that Egyptian President Hosni Mubarak looked likely to step down later Thursday and helped to push the greenback to a one-month high.
The euro gave up its gains against the dollar on Wednesday after sources said Bundesbank head Axel Weber will not be a candidate to replace Jean-Claude Trichet as President of the European Central Bank.
The dollar rose against the euro on Friday after the U.S. jobless rate fell to its lowest level in nearly two years, and traders said a brightening U.S. economic outlook may help it extend gains in the weeks ahead.
Last Friday saw the euro tumble to its lowest level in four months against the U.S. dollar, as concerns over the euro zone economy outweighed worse-than-expected U.S. employment data.
Earlier in the week, the dollar rallied broadly on expectations that U.S. government data would show strong job creation in December, after expectations were boosted by Wednesday’s jump in ADP non farm payrolls.
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