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Is the US Dollar Tired? Did Fed Frenzy Peak? A Look at the FX Price Action
The price exchange in the foreign exchange market was a story separate from the macro developments. The euro traded below parity for the first time since 2002. The yen fell to its lowest level against the dollar in 22 years. Sterling, the dollar-bloc currencies, fell to their lowest levels since 2020. Yes, the stronger than expected rise in the US June CPI, above 9%, helped spur speculation that the Fed could raise rates 100 bp in a couple of weeks. Still, the probability was downgraded with some cautionary comments by a couple of the Fed's hawks, even though the June retail sales were stronger than expected, and ... (full story)
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