Dollar has worst week in over a year amid political uncertainty

Dollar has worst week in over a year amid political uncertainty

Spot gold was up 0.6 percent at $1,253.87 an ounce by 2:47 p.m. EDT (1847 GMT), putting it up 2 percent for the week.

The Australian dollar inched up to $0.7464 from $0.7417.

Sterling was little changed at $1.2945.

Take a peek at the top 5 things that rocked US markets this week.

Trump's dismissal of Comey last week set off a political firestorm that culminated on Wednesday in Wall Street's biggest sell-off in over eight months.

On Thursday, Trump tersely denied the allegations and decried a "witch hunt" against him.

Wall Street was expected to nudge higher when it reopens after a tentative recovery on Thursday [.N].

MSCI's emerging markets index rose 0.1 percent. The yields fell as low as 2.18 percent on Thursday, their lowest since April 19.

The greenback also sank against emerging market currencies, which were dragged lower on Thursday by news that Brazilian President Michel Temer had been recorded offering bribes to silence testimony by a potential witness in the country's wide-ranging corruption probe.

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The dollar fell 3.3 percent against the Brazilian real. The decline was the biggest since the currency was devalued in 1999 and wiped out all of this year's gains.

"Everything has turned upside down - European political risks have faded, the economy is looking strong, while in the USA everybody is anxious", said DZ Bank strategist Daniel Lenz.

It edged back 0.1 percent to 111.36 yen, but managed to retain most of Thursday's gains.

Data showed a sharp acceleration in factory activity in the mid-Atlantic region in May, and an unexpected drop in new applications for unemployment benefits.

The U.S. currency has also suffered from a resurgent euro, which has gained more than 2 percent this week - on track for its best performance since June - and rose 0.7 percent on Friday to hit a six-month high of $1.11745. It's set to end the week 1.5 percent lower. It reached session high at 1.3039 and dropped to session low at 1.3010 levels. The digital currency has more than doubled since March, driven by soaring demand for crypto-assets with the creation of new tokens to raise funding for start-ups using blockchain technology.

On Thursday, it broke through $1.30 for the first time in nearly eight months after news of better-than-expected British retail sales growth helped ease concerns about the broader economy.

Against the safe-haven Swiss franc, the dollar fell 0.45 percent, touching a six-month low.

The FTSE 100 shrugged off a strong pound to rise 34 points, or 0.5%, to 7,471, clawing back some of yesterday's losses and on track for its fourth week of gains.

Oil-linked emerging market currencies like the Mexican and Colombian pesos and the Russian rouble gained around 1% versus the USA dollar, also boosted by a rise in oil prices, which were headed for their second straight weekly gain. On Friday, it fell 0.6%, hitting its lowest since Nov 9, the day of the U.S. election results.

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