The US dollar drifted at three-week high versus a basket of major currencies Friday, as the euro stretched its downfall.

The greenback ended at $1.0665 per euro. Against the Japanese yen, the currency closed at ¥120.74.

It is difficult to avoid the conclusion carry trades play a role… German bond yields out to eight years are “in negative territory, the euro is very much a funding currency,” said David de Garis, Senior Economist at NAB.

Prospects for the dollar seemed shaky following last week’s disappointing jobs data. But two Federal Reserve officials reignited the likelihood of interest rate hike in June.

The material has been provided by InstaForex Company – www.instaforex.com