{"id":24909,"date":"2023-11-21T08:59:34","date_gmt":"2023-11-21T08:59:34","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=24909"},"modified":"2024-02-20T08:31:03","modified_gmt":"2024-02-20T08:31:03","slug":"dollar-remains-weak-amid-expectations-of-u-s-rates-peaking","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/dollar-remains-weak-amid-expectations-of-u-s-rates-peaking\/","title":{"rendered":"Dollar Remains Weak Amid Expectations of U.S. Rates Peaking"},"content":{"rendered":"<h1><strong>Dollar Remains Weak Amid Expectations of U.S. Rates Peaking<\/strong><\/h1>\n<p><span style=\"font-weight: 400;\">The dollar continued to weaken against major currencies, reaching multi-month lows on the euro and other currencies as investors anticipate declining U.S. interest rates in the coming year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In early Asian <a href=\"https:\/\/www.xtrememarkets.com\/US\/\"><strong>trading<\/strong><\/a>, the dollar index slipped below its 200-day moving average, extending its recent weakness. The index, which measures the dollar against six major currencies, fell by 1.9% over the previous week, alongside a significant rally in U.S. Treasuries. It further lost 0.5% overnight, reaching 103.44.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The euro touched a three-month high of $1.0952 on Monday, partly influenced by European Central Bank governing member Pierre Wunsch&#8217;s comments pushing back against expectations of rate cuts in April.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The yuan also reached a three-month high against the dollar as China&#8217;s central bank guided it higher, with the Australian and New Zealand dollars following suit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Analysts noted that the dollar is struggling as markets believe the Federal Reserve is nearing the end of its rate hikes. The overvaluation of the dollar index suggests that a correction to fair value is likely as markets take a more relaxed view of Fed policy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One U.S. recession indicator, the Conference Board&#8217;s October leading economic indicator, declined by 0.8%, marking its 19th consecutive monthly fall. The focus now turns to the Federal Reserve meeting minutes scheduled for later on Tuesday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market expectations have largely ruled out further rate hikes in December or next year, with a 1-in-4 chance of easing starting in March implied by futures. Futures also suggest approximately 90 basis points of cuts for 2024, up from 77 basis points before a benign October U.S. inflation report shook markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In offshore trade, the yuan held its gains at 7.1640 per dollar, while the Australian dollar remained firm at $0.6561, just below its recent three-month high. The New Zealand dollar held steady at $0.6040.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even the yen rallied to a seven-week high of 148.1 per dollar before steadying at 148.3 on Tuesday. The yen had been under pressure this year, falling 11.6% against the dollar as U.S. interest rates rose while Japan maintained an ultra-easy monetary policy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The calendar for the week is relatively light, with the U.S. Thanksgiving holiday approaching. Besides the Fed minutes, U.S. housing and Canadian inflation data are due later on Tuesday, along with a speech from ECB President Christine Lagarde.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dollar Remains Weak Amid Expectations of U.S. Rates Peaking The dollar continued to weaken against major currencies, reaching multi-month lows on the euro and other currencies as investors anticipate declining U.S. interest rates in the coming year. In early Asian trading, the dollar index slipped below its 200-day moving average, extending its recent weakness. The<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/dollar-remains-weak-amid-expectations-of-u-s-rates-peaking\/\">continue reading<\/a>.","protected":false},"author":1,"featured_media":24910,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[168,165,427,19,157,162,22,355,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Dollar Remains Weak Amid Expectations of U.S. Rates Peaking<\/title>\r\n<meta name=\"description\" content=\"The dollar continued to weaken against major currencies, reaching multi-month lows on the euro and other currencies as investors anticipate declining U.S.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/dollar-remains-weak-amid-expectations-of-u-s-rates-peaking\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta 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