(Bloomberg) — Dollar bulls haven’t had the easiest few months.
A gangbusters start to 2015 saw the U.S. currency rally to multi-year highs versus the euro and yen. Then, it lost steam, giving way to talk of consolidation, retracement and even a correction.
That phase seems to be complete, with the greenback resuming its ascent. It rose for a second week after a jobs report showed unemployment at a seven-year low. Minutes from the Federal Reserve due July 8 may show policy makers moving closer to their first interest-rate increase since 2006.
“The Fed will raise rates in the back half of the year,” said Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co. in Bryn Mawr, Pennsylvania, which oversees $8 billion. “The strength of the dollar will be there, but I don’t think you’re going to get the kind of moves that you had certainly in 2014 or the early part of this year.”
The Bloomberg Dollar Spot Index, which tracks the greenback versus 10 of its major peers, advanced 0.6 percent this week to 1,187.07.
The U.S. currency slipped 0.8 percent to 122.86 yen, and rose 0.6 percent versus the euro to $1.1112, as continued uncertainty on Greece spurred a wave of risk-off sentiment. Greeks head to the polls on Sunday to vote on reforms demanded by creditors.