The greenback soared to a two-decade high last September, driven by the Fed’s aggressive pace of interest hikes. But then came recession fears, the collapse of three regional banks and worries about congressional infighting and US spending. Now, as inflation continues to cool, the Federal Reserve appears to be nearing the end of its rate-hiking cycle.
While Japan hinted Friday it could gradually begin to raise rates, sending the yen up against the dollar, the European Central Bank said Thursday it could pause at its next meeting in September. “It’s not like the Fed is going to be cutting rates when the other central banks are raising rates. That’s fairly unlikely,” said Shah. Gold could also benefit. Gold prices have risen over 6% this year, supported by sliding Treasury yields and a decline in the dollar.
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