Dollar Slips on Oil Price Dip, Yen Gains on Japan Intervention Comments

The US dollar slipped on Friday as crude prices eased by over 1%, but is still poised for its second consecutive weekly advance due to growing expectations of a rate hike from the Federal Reserve.

According to Eugene Epstein, head of trading and structured products at Moneycorp in Stamford, Connecticut, 'We've had like a pretty aggressive rally in the dollar over the last couple of days and maybe it's a little stretched, just taking a little breather.'

The dollar index, which measures the dollar against five other currencies, fell 0.34% to 100.95, its biggest daily percentage drop since September 3.

Meanwhile, the yen strengthened by 1.09%, with Japan's Finance Minister Satsuki Katayama stating that US President Donald Trump raised concerns about yen weakness during a summit with Japanese Prime Minister Sanae Takaichi earlier this week.