The dollar was broadly higher against its major rivals on Friday, after upbeat U.S. economic data boosted speculation that the Fed may hike rates again this year.

An official U.S. report showed on Friday that while the economy declined in the fourth quarter, the pace of deceleration was not as sharp as initially expected. The Commerce Department reported that the gross domestic product increased from October to December at an annual rate of 1.0%, above the initial projection of 0.7%.

Analysts had anticipated GDP growth for the fourth quarter to be downwardly revised to 0.4%. Other reports released earlier, revealed that consumer spending and inflation advanced in January, thus reinforcing the view that recovery is on track.

The greenback jumped to three-week highs against the single currency, with ERU/USD losing 0.78% to trade at 1.0931 in late trade, ending the week 1.71% down. It was also higher against the franc, with USD/CHF up 0.66% to 0.9966.

The greenback was also higher against the Japanese yen reaching one-week highs, climbing 0.9% to 114.00. It is noted that the dollar is still down 5% against the yen since the beginning of the year, with the safe haven yen being boosted by concerns over the global growth prospect and sharp declines in the price of oil and stocks.

British pound hit seven-year lows, with GBP/USD losing 0.61% to 1.3877, marking its weakest level in 7 years. Sterling was under selling pressure amid fears over the U.K.’s outlook in the E.U., ahead of the much-awaited referendum going to be held on the 23rd of June 2016.

The U.S. dollar, which tracks the greenback’s performance against a group of six other currencies, advanced 0.71% to a three-week high of 98.13. The index finished the week gaining 1.63%, its best level since November.

In the coming week, all eyes will be turned on Friday’s U.S. nonfarm payrolls data for new signals on the condition of the labour market. Attention will also be turned on reports of manufacturing and service sector performance in the U.S. and China.