Dollar set for weekly drop as traders cut wagers on rate hikes

The US dollar index is set for a weekly drop of about 0.24 percent to 100.72, even as Iran-US tensions supported safe-haven bids. Traders have cut bets on a near-term Fed rate hike, with July hike odds falling to 11 percent from 25 percent last week. The euro traded at $1.1445 while sterling held near $1.3476, and the yen hovered around 162.39 per dollar close to its 40-year low.