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4 Feb 2022

Dollar Plunges amid Hawkish BOE and ECB’s Monetary Tightening Policies

Dollar Plunges amid Hawkish BOE and ECB’s Monetary Tightening Policies

The Index Today

The dollar plummeted on Friday morning and is expected to perform the worst in almost two weeks as a hawkish Bank of England (BOE) and the European Central Bank (ECB) announced plans of aggressive monetary policy tightening.

The U.S. dollar index dropped by 0.19% to $95.19 hitting a three-week low by 10:31pm ET (3:31am GMT).

The USD/JPY dropped by 0.1% to 114.93 while the AUD/USD and NZD/USD pairs soared by 0.7143 (0.04%) and 0.6676 (0.27%) respectively. The GBP/USD pair also surged by 0.12% to 1.3611 while the USD/CNY pair remained the same on the account of the Lunar New Year holidays.

This turn of events come after the greenback enjoyed highs in the previous week as markets anticipate an ahead-of-schedule tightening of monetary policy by the U.S. Federal Reserve.

According to analysts at Westpac, “both the BOE and ECB met market expectations, with BOE raising rates 25bps to 0.50% and ECB keeping policy unchanged. However, both meetings unveiled substantial hawkish shifts."