The dollar is heading towards recording its largest weekly decline this year. Jerome Powell said the Fed is "not far away" from building the confidence it needs to lower interest rates.
The yen rose amid increasing speculation about raising interest rates in Japan. The weakness of the dollar led to the Australian and New Zealand dollars rising 1.5% and 1.1% during the week. The British pound rose 1.2% this week to its highest level in 2024 at $1.2820. The Australian dollar reached its highest levels since mid-January at $0.6631.