A key gauge of dollar strength is extending its winning streak into a fifth week as the timing for the Federal Reserve’s first interest rate cut remains cloudy.

The Bloomberg Dollar Spot Index is on track to end another week higher, marking the longest stretch of advances since February, and poised to set another closing high for 2024 after reaching one Thursday. The dollar’s resilience kept the pressure on peers this week, with the yen losing the most. The British pound and Swiss franc also slumped.

"I don’t really see much to turn the tide for the dollar until the Fed cuts,” said Helen Given, a foreign-exchange trader at Monex. "The yen and Swiss franc could stand to suffer the most through the next few months, until the Fed moves materially toward easing.”