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PC party leader attends the protest in support of fishermen | SaltWire #newsupdate #newfoundlandMarkets have been betting on a dollar downturn for months on the view that U.S. rates would eventually have to fall at some point this year. Until now, that has been wishful thinking.
Since the Bank of Japan's landmark rate hike on Tuesday, the yen has fallen more than 1% against the dollar. That's left it just a whisker away from 2022's multi-decade low, as the highly-anticipated move had counter-intuitively sent it into free fall with traders scurrying back into popular 'carry trades'.
The yen's weakness also spilled over to the yuan which weakened past the psychologically important 7.2 per dollar level on Friday and prompted state-owned banks to step in to buy the yuan for dollars.With the dollar having been in the driver's seat for the most part of the past two years since the Federal Reserve kicked off its flurry of rate hikes, analysts had, at the end of last year, expected its rally to stall come 2024.
In less than 24 hours, however, the dollar was back in favour after a surprise rate cut from the Swiss National Bank and a dovish tilt from the Bank of England sparked sellingThat ramped up expectations for a June rate cut by the European Central Bank and the BoE, but less so for the Fed.
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