Dollar heads for biggest weekly gain since February

The U.S. dollar edged higher on Friday and was heading for its biggest weekly gain since February.

The euro was down marginally against the dollar at $1.091, after falling to its lowest since April 11 the previous day at $1.09.

A sharp slowdown in U.S. inflation has been a key driver, as has Europe's better-than-expected economic performance, which has pushed up the euro. Many analysts expect the Federal Reserve to hold interest rates at the 5% to 5.25% level it raised them to last week. The Bank of England hiked rates by 25 basis points to 4.5% on Thursday. Data on Friday showed the British economy grew 0.1% in the first quarter.Adam Cole, chief currency strategist at RBC Capital Markets, said he disagrees with the dominant market view that the dollar is likely to keep falling.

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