The US dollar index, which measures the greenback against a basket of currencies, has surged more than 8% this year, the most since 2015.The US dollar index, which measures the greenback against a basket of currencies, has surged more than 8% this year, the most since 2015.
Conversely, an ultra-dovish Bank of Japan in the face of a hawkish Fed, has spelled pain for the Japanese yen.But last week’s surprise tweak to the BOJ’s bond yield control have investors betting that the central bank may soon fully abandon its controversial policy, sparking a rebound in the fragile currency.“The question is whether there’s more to come,” Sim said. “But I think the fundamental backdrop for Japan is starting to turn in favour of the yen.
Sterling edged 0.03% lower to $1.2050, looking set to cap a tumultuous year embroiled in political drama with a nearly 11% decline, the worst since 2016. Both currencies, often used as liquid proxies for the Chinese yuan, will likely take leads from how China’s reopening plays out.
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