The dollar was up 0.5% early Friday, putting a measure of the buck against a half-dozen currencies, the ICE Dollar Index, on track for a weekly rise of 0.2%, prompted partly by comments from the Federal Reserve that implied that the central bank isn’t yet willing to implement unconventional strategies to hold interest rates lower for longer amid the COVID-19 pandemic.
“Gold bulls have been missing in action this week as investors digested the latest Fed minutes which temporarily injected life into the dollar,” wrote Lukman Otunuga, senior research analyst at FXTM, in a Friday note.
Still, the FXTM analysts sees the longer-term outlook for the yellow metal as strong.
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