USD loses grip but ends with moderate gains

With persisting uncertainty about the economic agenda of US President Donald Trump, the USD took a beating against the world’s major currencies during Friday’s trade. The dollar slipped to a four-month low against the yen in the early trading hours but regained some of its losses after rumours circulated about the firing of White House senior adviser Steve Bannon.
 
The dollar dropped nearly 1% against the yen, falling to 108.58 yen, its lowest since late April. It was last down 0.37% at 109.15 yen. The dollar bounced back but failed to move higher against the yen or the euro and surrendered gains late in the day against the British pound. The dollar index, which tracks the greenback against six major currencies, rose 0.35% for the week. The euro fell 0.5%, its first weekly loss against the greenback. The dollar finished the week up nominally against the yen, gaining 0.1%.
 
Meanwhile, the Dow Jones industrial average closed 76.22 points lower at 21,674.51; it jumped about 130 points off its earlier lows on Bannon’s exit. The S&P 500 closed 0.18% lower at 2,425.55, after falling as much as 0.5%. The Nasdaq Composite slipped 0.09% to close at 6,216.53.