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Dollar set for first losing week in seven amid U.S. yield retreat

U.S. hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won/File Photo

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TOKYO, May 20 (Reuters) – The U.S. dollar was headed for its worst week since early February against major peers on Friday, weighed down by a retreat in Treasury yields and fatigue after the currency’s breathless 10%, 14-week surge.

The dollar index , which measures it against six major rivals, tried to claw back some ground into the weekend, edging up 0.05% to 102.96, but remained 1.42% lower for the week, on track to snap a six-week winning run. Last Friday, it had soared to the highest since January 2003 at 105.01.

Even with global stocks sliding this week amid risks to growth from aggressive monetary tightening – led by the Federal Reserve – and China’s strict lockdowns to quash a COVID-19 outbreak, the dollar’s appeal as a haven was eclipsed…

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