Dollar steadies, but on track for sharp weekly loss
The U.S. dollar edged higher in European trade Friday, but was on track for a hefty weekly fall after cooling inflation and weak retail sales brought Federal Reserve rate cuts back into focus. The dollar has recovered to a degree as several Fed officials, specifically members of the bank’s rate-setting committee, said that they needed much more confidence that inflation was coming down, beyond some easing inflation in April. "I now believe that it will take longer to reach our 2% goal than I previously thought," St. Louis Federal Reserve president Loretta Mester said on Thursday, adding that further monitoring of incoming data will be needed.
