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5 May 2022

Dollar Plummets as Fed Thwarts Bets on Additional Aggressive Interest Rate Hikes

The Index Today

On Thursday, the dollar plunged to its lowest levels in a month against Asian currencies after the U.S. Federal Reserve refuted claims that it would implement bigger interest rate hikes than its latest rate increase by a half percentage point.

As per Reuters, the dollar index took a tumble by 0.9% to 102.450 as of 1:45 am ET. This comes after the greenback tracker previously loomed near a 20-year high before plummeting in the aftermath of the Fed’s most recent interest rate hike. The euro inched up by about 1% and remained stable at $1.0613 in Asia, while the Japanese yen, for the first time in a week, edged higher against the 130 per dollar mark at 129.31.

NatWest Markets’ Brian Daingerfield contended, "The Fed simply could not (or, better, would not) hurdle the hawkish bar that the market had set." He added, "I don't think it's hyperbole to say that today represented the first 'dovish' surprise by the Fed relative to market expectations in over six months."

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