The dollar ended the week of Nov. 9 with its strongest weekly rise in two months, Reuters reported on Friday, Nov. 13. The dollar index rose 0.15 percent on the day to 103.37, its highest since April 2025 and near a 19-month high. It was the index's biggest weekly gain since September and its third straight weekly advance, according to Reuters.
Euro and yen
The euro fell 0.26 percent to $1.103 on Friday after touching its lowest level since April 2025, Reuters reported. It was the euro's fourth straight weekly loss.
The yen held steady at 159.70 per dollar, around its weakest since early September, Reuters reported. It lost about 1 percent over the week, its biggest weekly decline since September. Japan's Finance Minister Satsuki Katayama said on Friday that the government would respond appropriately to currency volatility, according to Reuters.
Elsewhere, the dollar rose 0.47 percent to 0.839 Swiss francs, according to Reuters.
Two rate paths
The Australian dollar shows the gap most plainly. It fell 0.52 percent to $0.6773 on Friday and is the worst performer among the G10 currencies this month, Reuters reported. Australia is the only G10 country for which markets price a rate cut next year, according to Reuters. The New Zealand dollar stood at $0.5525.
Set that against the United States. The CME FedWatch tool showed about a 90 percent chance of a quarter-point Fed increase in December, Reuters reported, and traders were weighing the prospect of a larger-than-usual move. One central bank is priced to cut, the other to raise. For an investor holding Australian dollar assets, that difference in expected policy is the context for the currency's month.
"The dollar is still firm and that's driven by a robust jobs report and an acceleration of the CPI," Marc Chandler of Bannockburn Global Forex told Reuters.
The Treasury curve
On Nov. 13, the 2-year Treasury par yield was 4.88 percent and the 10-year 5.15 percent, according to the Treasury's daily yield curve. The 10-year stood 27 basis points above the 2-year. The effective federal funds rate was 3.88 percent on Nov. 12, about a full percentage point below the 2-year yield. Reuters said the 2-year yield rose about 34 basis points during the week, its biggest weekly jump since April 2025.
Bitcoin below $70,000
Bitcoin fell below $70,000 on Friday morning for the first time since August, reaching a low of $67,770, its weakest since Aug. 19, CoinDesk reported. Ether fell to $1,900, its lowest since Aug. 18. By Friday afternoon, bitcoin was down 4.22 percent at $68,467.26 and ether was down 4.02 percent at $1,934.86, Reuters reported.
About $1.64 billion of crypto positions were liquidated over 24 hours, 88.6 percent of them long bets, according to CoinGlass data cited by CoinDesk. U.S. spot bitcoin exchange-traded funds had net withdrawals of $47.7 million on Thursday, their sixth straight day of outflows, totaling about $1.44 billion, according to Farside Investors data cited by CoinDesk. Withdrawals since the start of November reached about $1.88 billion. A widely watched crypto Fear and Greed Index stood at 19, in "extreme fear," CoinDesk reported.
The week ahead
The dollar's next reference points are on the U.S. calendar. October retail sales arrive Tuesday, and the Fed releases minutes of its Oct. 27-28 meeting on Wednesday at 2 p.m. Eastern, according to CNBC.