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Dollar heads for third weekly gain as US rate rise bets firm
Fawad Maqsood
21 Oct, 2016
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Copyright Reuters, 2016
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![](https://i.brecorder.com/images/2016/10/dollar.jpg">LONDON: The dollar was on course for its third consecutive week of gains against the basket of currencies used to measure its broader strength on Friday, driven to an eight month high by hardening expectations of a rise in interest rates in December. </P><P>In a year where investors have never really got close to fully pricing in a move, short-term US rates now put a 75 percent probability on the Federal Reserve raising official borrowing costs for only the second time in more than a decade. </P><P>After a blip in the first half of this week, comments by New York Fed President William Dudley and Donald Trump's failure to register a big win in Wednesday's presidential debate has hardened that view, fueling another surge for the greenback. </P><P>European Central Bank chief Mario Draghi's quashing of speculation it was already considering how to wind down bond purchases when the time comes also cooled any signs of recovery for the euro, sending it below $1.09 for the first time since March. </P><P>)
