The dollar set for weekly slide for months against the euro, yen and franc on Friday, as investors sold in anticipation of almost 100 basis points of U.S. interest rate cuts next year.

The Pound Sterling eased on Wednesday after data showed British inflation cooled at its fastest pace in more than 30 years in October.

The South African rand soared over 2% on Tuesday as the dollar slumped after softer-than-expected U.S. consumer inflation data boosted interest rate expectations.

Asian shares inched up on Tuesday in cautious trading ahead of a crucial U.S. inflation report that could heavily influence the Federal Reserve’s policy outlook.

The South African rand extends losses on Friday, capping off a week of losses after hawkish comments from Federal Reserve Chair Jerome Powell helped the dollar rally and decreased risk appetite.

The dollar eyed its best week against the yen in three months on Friday, after Federal Reserve Chair Jerome Powell and a chorus of Fed officials poured cold water on market expectations of a peak in U.S. rates.

Asian share markets rallied on Thursday and the dollar was weaker after most U.S stocks edged higher and the S&P 500 recorded its longest winning streak in two years

The U.S. dollar licked its wounds and regained its footing on Wednesday and inched higher after a slew of Federal Reserve speakers left the door open to further rate hikes.

The South African rand weakened on Monday, giving back some of the gains the currency made last week on hopes for the end of the U.S. Fed’s tightening cycle.

Asian shares rallied for a fourth straight session on Monday after markets priced in earlier rate cuts in the United States and Europe.

British bonds were on track for their best day in more than a month on Thursday and stocks jumped after the Bank of England held interest rates steady for a second consecutive meeting.

The South African rand firmed on Wednesday after South Africa’s mid-term budget statement, despite the proposal for tax measures next year to raise additional revenue as budget deficits are projected to widen.

Asian stocks stuttered on Wednesday ahead of a keenly-awaited policy decision from the Federal Reserve later in the day.

The South Africa’s rand strengthened on Monday at the start of a data-heavy week that includes the government’s midterm budget statement.

The dollar inched broadly higher in cautious trade on Monday and held near 150 yen as traders looked to a policy decision by the Bank of Japan later in the week.

The dollar headed for weekly gain on Friday, aided by solid U.S. growth figures that bolstered the case for higher-for-longer interest rates.

Reuters: The South African rand edged lower against a stronger dollar on Wednesday, taking global direction in the absence of local data.

The pound edged up against the euro, shaking off data that showed the UK labour market lost more steam in August.

The U.S. dollar fell against a basket of currencies on Monday, tracking a retreat in U.S. Treasury yields from the 5% level hit earlier in the session.

The South African rand regained lost ground on Friday against the U.S. dollar while global focus remained on conflict in the Middle East.

Asian shares hit 11-month low on Friday as fears of a regional conflict in the Middle East intensified and as a relentless rise in long-term U.S. yields pressured valuations, while supply concerns lifted oil prices further.

Sterling ticked up on Wednesday after data showed UK inflation held steady in September, though above expectations for a slight retreat.

The South African rand strengthened against the dollar on Tuesday, ahead of closely-watched local inflation figures which could offer investors clues on the central bank’s potential rate path.

The U.S. dollar drifted on Tuesday on the back foot as investors took stock of developments in the Middle East.

The South African rand stabilised on Friday after a week of volatility, with the focus turning to domestic inflation and retail sales figures this week.