The dollar edged up on Friday to pull away from multi-month lows against the euro and sterling, as investors began to train their sights on a slew of major central bank meetings next week.
The U.S. Federal Reserve, European Central Bank and Bank of England are all due to make rate decisions next week as they judge what policy adjustments may be required in their battle with rampant inflation against a tough global economic backdrop.
The dollar index, which measures it against six major currencies, gained 0.1% to 101.870 , as the dollar moved away from near a nine-month low to the euro and a seven-month trough to sterling. "The failure of the dollar to break lower ... suggests from a technical perspective that some turnaround is possible," currency analysts at MUFG said in a note.spurred bets that a hawkish pivot from the Bank of Japan could be in the offing.
"Market expectations for changes at any time, including the next meeting in March, will remain high, and that will keep the yen bid," said Shinichiro Kadota, a strategist at Barclays in Tokyo, who saw a possibility of the dollar-yen pair breaking below 125.
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