LONDON—The dollar was on track on Friday for one of its steepest weekly falls versus major currencies this year, while the yen strengthened sharply to trade below 150 per dollar as concerns grow about the worsening global economic outlook.
Cooler-than-expected U.S. inflation data on Tuesday helped reset market expectations for how quickly the U.S. Federal Reserve will cut rates and has weighed on the dollar, which is on track for a 1.6 percent weekly fall—its biggest since mid-July.
