Sudden yuan drop ripples through Asia trade
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Rates advantage behind broad dollar support

LONDONSINGAPORE, March 22 Reuters The U.S. dollar was set for a second week of broad gains on Friday, with even a rate hike in Japan unable to halt its march, and a surprise cut in Switzerland highlighting the gap between the Federal Reserve and global peers in interest rate settings.

This week has marked a shift in the direction of global monetary policy, after a number of major central banks either made changes to their interest rates, or signalled that they intended to do so before too long.

The dollar was on course for its second largest weekly rise against a basket of currencies , while ratesensitive assets such as gold and stocks hit record highs.

Each central bank has had an element of surprise this week and that39;s been reflected in the market, which is why we39;ve seen such big moves record highs in U.S. equities, on the DAX and big drops in sterlingdollar and dollaryen going towards multidecade highs, City Index strategist Fiona Cincotta said.

Expectations for policy easing in China too have piled pressure on its currency, for example, and it dropped sharply in the onshore session, spooking equity investors and prompting state banks to step in.

It was last at 7.2303 per dollar