The dollar headed for its first weekly gain in nearly two months on Friday as investors raised their bets that the Federal Reserve will increase rates in May, while the euro drew some support from a surprising recovery in the euro zone economy in April.
The dollar index, which measures the performance of the U.S. currency against six others, rose 0.2% on the day and headed for a weekly gain of 0.4%, its first since late February.unexpectedly gathered pace this month, thanks to a boom in services sector demand compensating for a deepening decline in manufacturing.and France, the region's two largest economies.
Money markets show traders believe there will be a quarter-point U.S. rate hike next month, which in theory is supportive of the dollar, but this will be quickly followed by a series of rate cuts, as the economy slows, which kept the U.S. currency's gains in check. "The U.S. economy is heading to recession," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia .
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