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The Time to Sell the Dollar Is Now as Fed Gets Real on Liftoff
Anyone looking for the dollar to surge after the Federal Reserve lifts interest rates has a short memory. The U.S. currency strengthened an average of almost 9 percent during the six to nine months prior to the past three rate-rise cycles. After that, it's been a downhill ride, with the six-month drop averaging about 6 percent. ``The assumption that the dollar has to go up as the Fed tightens is not borne out by history,'' David Kelly, chief global strategist at JPMorgan Chase & Co.'s JPMorgan Funds unit, said in a phone interview. ``It does tend to go up in advance of an actual rate hike, but it's one of those ... (full story)
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