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27 May 2022

Dollar is at Biggest Weekly Drop in almost 4 months as rate bets Lowered

The Index Today

Recent data shows that the dollar was set for its biggest weekly drop in almost four months as traders lowered Federal Reserve rate hike expectations amid signals that the U.S. central bank might slow or even pause its tightening cycle in the second half of the year.

The recent dollar index fell as low as 101.43 for the first time since April 25, tagged as its biggest drop. On a weekly basis, it was down 1.3%, its biggest weekly drop since the first week of February.

A broad-based decline in U.S. Treasury yields, weak economic data and cautious comments by some Fed policymakers including Atlanta Fed President Raphael Bostic this week have raised the prospect that the dollar's gains premised on aggressive rate hikes may have halted for now, Reuters reported.

ING strategists said, "The market’s tentative speculation about a pause in the Fed’s tightening cycle in September is surely contributing to keeping the dollar soft,"

Against the U.S. unit, the single currency rose to its highest levels in a month at $1.0765. Sterling was firm at $1.2666. While the Australian dollar rallied 0.6% to $0.7142, while the New Zealand dollar jumped 0.65% to $0.6520.

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