The dollar steadied on Friday, but was on track to end the week lower after a six-week winning streak, while investors turned their focus to Donald Trump's presidential inauguration and awaited the incoming administration's policies.

Speculative currency traders bolstered wagers for an even stronger US dollar in the leadup to President-elect Donald Trump’s return to the White House.

Goldman Sachs is hardly alone in predicting a further 5% jump in the dollar this year. Commodity Futures Trading Commission data find that investors — from big asset managers to hedge funds — are the most optimistic about the dollar’s upside since 2019.

The U.S. dollar weakened against the yen on Thursday, as softer-than-expected U.S. economic data and growing confidence for a Bank of Japan interest-rate hike sent it tumbling to a near one-month low against the Japanese currency.

Vice President-elect JD Vance hosted a top-dollar fundraiser in Palm Beach, Florida that attracted some of the top figures and donors in President-elect Trump’s political orbit.