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In a turbulent week for currency markets, the U.S. dollar is set for one of its most substantial weekly declines against major currencies this year. This comes as investors anticipate a more aggressive stance from the U.S. Federal Reserve, responding to the headwinds of a slowing global economy.
The greenback tumbled by 1.64% this week, its steepest fall since mid-July, triggered by data revealing a more significant-than-expected cooling of U.S. inflation in October. This unexpected dip has shaken market confidence in the Fed’s ability to maintain inflation near the 2% target.
The Dollar Index, gauging the dollar against a basket of six currencies, slid 0.35% to 104.02 on Friday, while the euro gained 0.33%, reaching $1.0887. In tandem, eurozone inflation, also on a downward trajectory in October, reinforces calls for additional stimulus from the European Central Bank (ECB).
The yen, grappling with the dollar’s strength, saw a rally, dipping below 150 per dollar for the first time in almost two weeks. Friday witnessed a 1% surge, with the Japanese currency closing at 149.73 yen, up by 0.54%.
Despite weaker-than-expected retail sales figures in Britain, the pound made a modest climb of 0.15% to $1.2433, amidst a murky economic outlook.
Dollar Traders Turn to Comments from Fed Officials
As the global slowdown sparks concerns about growth and trade prospects, it also hints at central banks gaining ground in the battle against inflation. Futures markets are currently factoring in approximately 100 basis points of rate cuts in both the U.S. and the eurozone for the coming year. However, certain ECB policymakers advocate readiness to raise rates if necessary.
Attention now turns to the U.S. housing starts data and anticipated comments from several Fed officials later on Friday. Investors remain on high alert, navigating the evolving landscape shaped by economic uncertainties and central bank strategies.
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