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The dollar was on track for its biggest weekly gain in two months on
Friday as investors bet on the chances of a U.S. interest
rate hike by the end of the year.The U.S. currency has clocked
up a 1.5 percent gain against a basket of currencies in
a week in which Federal Reserve Chair Janet Yellen
reiterated that U.S. rates were likely to increase this year.Currency
investors have been distracted for weeks by uncertainty over
whether Greece and its creditors would come to an agreement and
avoid "Grexit" from the euro. The deal was done on
Monday, turning the market's focus back to fundamentals.Sterling
hit a 7-1/2-year high against the euro after Bank of England
(BoE) Governor Mark Carney gave his strongest hint yet on the timing
of a UK rate rise, saying a decision on that would come into focus
around the end of 2015.
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