Investing.com – The dollar was down on Friday morning in Asia but set for a fifth consecutive weekly gain on the Japanese yen. This rally could be extended if the latest U.S. jobs report justifies early Federal Reserve interest rate hikes.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.10% to 96.230 by 10:49 PM ET (3:49 AM GMT).

The USD/JPY pair inched up 0.05% to 115.88. Japanese data released earlier in the day showed that household spending contracted 1.3% and 1.2% year-on-year and month-on-month in November, while the Tokyo core consumer price index (CPI) grew 0.5% year-on-year in December.

The AUD/USD pair edged up 0.13% to 0.7169 and the NZD/USD pair edged up 0.15% to 0.6755.

The USD/CNY pair inched down 0.10% to 6.3765. The GBP/USD pair edged up 0.14% to 1.3548, over investor expectations that the Bank of England will also soon begin hiking interest

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