The dollar drew support from a bout of risk aversion on Friday as hawkish comments from global central banks stoked fears of aggressive monetary tightening.
While higher rates are typically supportive of currencies, the risk that they will trigger an economic downturn has pushed some investors to seek safe-haven assets including the U.S. dollar.fell 0.33% to $1.2707 and was on track for a weekly loss of nearly 1%, snapping three straight weeks of gains.
"With the Bank of England set to raise rates substantially further, we expect the U.K. economy to come under renewed pressure by late 2023, and look for growth to either stagnate or even for the economy to contract," said Nick Bennenbroek, international economist at Wells Fargo.
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