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FOREX-Surging dollar set for weekly gain as US data, Fed push back on rate cuts

The resurgent dollar headed towards a second straight week of gains on Friday as a hotter-than-expected U.S. economy has pushed back investors' and policymakers' expectations of the trajectory of Federal Reserve rate cuts this year. The greenback's 0.17% gain for the week was somewhat capped by a slight stall in its rally since Thursday following a rare trilateral warning from finance chiefs in the United States, Japan and South Korea over the latter two's sliding currencies, raising the risk of a potential joint intervention. That's as Asian currencies, in particular, come under immense pressure from the dollar's strength.