Euro's pain makes for dollar's weekly gain

SYDNEY : The dollar was set to post a second week of chunky gains against the euro on Friday as traders wager on interest rates rising faster and further on the North Atlantic's western shore, while sterling and the kiwi have also firmed with rate hike bets.

The single currency has lost 0.6per cent this week, helping the dollar index rise 0.5per cent and touch a 16-month high. It last sat just shy of that at 95.531. This week U.S. retail sales beat expectations on the heels of last week's inflation surprise. In Europe, meanwhile, COVID-19 is surging again, car sales slipped for a fourth consecutive month and central bankers are vowing to hold rates low.

The heavily-shorted and commodity-sensitive Australian dollar looks set for a third consecutive weekly loss and has been under pressure from a fall in oil prices over recent days. It was last steady at US$0.7277. [AUD/]

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