Wall Street

Safe-haven flows set U.S. dollar for biggest weekly rise since April 2020

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Reuters UK

By Joice Alves LONDON (Reuters) – The U.S. dollar index surged on Friday and was on track for its biggest weekly gain since April 2020 on safe-haven demand, as investors worried about a further economic slowdown after Federal Reserve officials reiterated the need for higher rates. The dollar index rose 0.5% to 108.01, its highest since July 15. The gauge is on track for a 2.2% rally this week, which would be its best weekly performance in more than two years. Sterling tumbled 1% to $1.1839 on the day and was set for its biggest weekly decline against the dollar since September 2020, as worries…

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