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Vicious post-Fed bounce has dollar headed for year’s best week

by capitalizefinancial
June 18, 2021
in Markets
0
Vicious post-Fed bounce has dollar headed for year’s best week

The dollar was headed for its best week in nearly nine months on Friday as investors have scrambled to price in a sooner-than-expected ending to extraordinary U.S. monetary stimulus in the days after a surprise shift in tone from the Federal Reserve.

In the two sessions since Fed officials projected possible rate hikes in 2023, the greenback has busted from recent ranges and surged about 1.8% against the euro, even further against the Aussie and more than 1% against sterling and the kiwi.

The dollar index has zoomed above its 200-day moving average to hit a more than two-month high of 92.010 and is on track for a 1.5% weekly gain, its largest since last September.

“The Fed sent a very crucial message, that the days of plentiful, abundant, unlimited liquidity are drawing to a close,” said Richard Franulovich, head of FX strategy at Westpac in Sydney.

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