US Dollar rises on Fed commentary, Brazil’s Lula looks to stop using USD in trade


US Dollar shook off the selling pressure in the American session on Friday.
Brazil President does not want to use US Dollar in international trade transactions.
EUR/USD technical outlook shows that the pair could stage a technical correction in the short term.

The US Dollar (USD) managed to recover some of its weekly losses on Friday on the back of hawkish comments from Federal Reserve (Fed) officials. The US Dollar Index (DXY), which tracks the USD’s performance against a basket of six major currencies, rebounded from the one-year low it touched below 101.00 earlier in the day. 

Soft inflation data from the United States, growing expectations for a Federal Reserve policy shift amid signs of economic slowdown and loudening calls to move away from the USD in trade transactions…

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