US Dollar licking its wounds as it closes this downbeat week

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• US Dollar mixed on Friday after a very volatile week where the Greenback lost substantial ground.
• Traders will look for comments from Fed speakers on Friday that might try to salvage the losses.
• US Dollar Index sinks to a new monthly low and flirts with a break below 102.

The US Dollar (USD) is on track for its worst monthly performance against the Euro after the European Central Bank (ECB) and its chairman Christine Lagarde out-hawkished the US Federal Reserve (Fed). The ECB delivered a 25 basis points rate hike and committed to a hike for July, while the Fed Chairman Jerome Powell reiterated that the US central bank remains data dependent and that it will hike when it deems necessary. This split in stance on monetary policy gave the Euro wings and saw the US Dollar losing ground against some of its peers.