2024-03-15 07:10:00 ET
Summary
- This week's data has seen expectations re-converge with the Fed's three rate cuts signaled in December.
- As is often the case in a firm US dollar environment, the Canadian dollar has fared the best, slipping only 0.4%.
- The PBOC left its benchmark one-year Medium-Term Lending Facility rate unchanged at 2.5%.
- The dollar a five-day high in North America yesterday near JPY148.40.
- The Australian dollar fell to five-day lows near $0.6570 in North America yesterday.
Overview
At the end of last week, the derivatives market was again pricing in nearly four Fed cuts this year, but this week's data have seen expectations re-converge with the Fed's three rate cuts signaled in December, while cutting the odds of a June hike to the lowest in the more than four months. This has helped lift the dollar against all the G10 currencies this week. As is often the case in a firm US dollar environment, the Canadian dollar has fared the best, slipping only 0.4%....
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Euro's Recovery Looks Vulnerable And Yen Falls To New Lows For The Week