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The dollar is erasing half of its gains this year.


Dec 5, 2022 , ,
Доллара США стирает более половины прибыли в этом году

Fed rates are harming the US dollar.

The Federal Reserve is expected to ease its aggressive rate hikes, and there is growing optimism about China’s ambitions to open its economy, which has caused the US currency to lose more than half of its gains this year.

The 2022 gains for the Bloomberg Spot Dollar Index have been reduced from as much as 16% to about 7%.

Commodity currencies backed by the Fed and China resumed rates

As riskier currencies gained, the US dollar fell by 0.4% in Asian trade on Monday, reaching its lowest level since June 28.

“Waiting for China to open up and calibrating Fed policy are key steps that proxy risk factors like commodity-pegged currencies should support,” said Christopher Wong, foreign exchange strategist for Overseas Chinese Banking Corp. in Singapore. “The strong nonfarm payrolls report only showed a sharp bounce in the US dollar.”

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