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The dollar index slipped toward 100.5 on Friday, extending its decline for a third consecutive session. Sentiment was weighed down by reports that the US and Iran will continue peace talks despite a recent flare-up in hostilities, which reduced safe-haven demand for the greenback. Falling oil prices further eased inflation worries and tempered expectations for aggressive monetary tightening, though markets still largely anticipate at least one Federal Reserve rate hike this year.
On the policy front, New York Fed President John Williams noted that, among the various drivers of US inflation, he is paying particular attention to demand generated by artificial intelligence. Separately, Fed Chair Kevin Warsh announced the leadership of five task forces tasked with reviewing the central bank’s approach to key areas of policymaking, signaling possible changes in how the Fed conducts monetary policy. The dollar weakened broadly on Friday, recording its steepest losses against the Japanese yen and the New Zealand dollar.
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