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The dollar falls to its lowest levels in 4 months
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Economy News _ Baghdad
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Added 11/29/2023 - 10:34 AM
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Economy News _ Baghdad
The price of the US dollar fell to its lowest levels since the beginning of last August as swaps traders intensified their bets that the Federal Reserve will lower interest rates by next May.
The Bloomberg Dollar Spot Index fell for a fifth day, pressured by recession fears and more dovish comments from the Federal Reserve, which led investors to bet that the US central bank will be forced to retreat from the most aggressive monetary tightening cycle since the 1980s.
In a related context, the New Zealand dollar led gains among its G10 peers after the country's central bank warned of the possibility of raising interest rates further during the next year, while the Japanese yen rose to its highest level in two months with the decline of concerns about rising US interest rates.
“Dollar weakness will continue until market expectations of the Fed change, and this could be the main focus in 2024,” Win Thien, global head of currency strategy at Brown Brothers Harriman & Co, wrote in a note. "As the dollar rises, it will take some strong real economic data to change the Fed's current more dovish outlook."
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Added 11/29/2023 - 10:34 AM
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