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Dollar won't fall since the rest of world won't let it
By Mike Dolan
Reuters
Wednesday, October 9, 2024
LONDON -- The dollar just had its best week in two years, showing once again how dangerous it can be to bet against the U.S. currency if the rest of the world just won't let it drop.
The DXY index, which tracks the dollar against the most widely traded global currencies, surged more than 2% last week -- a stunning whiplash, not least for the many speculators who were short on the greenback and waiting for it to swoon.
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While the rally was supercharged partly by the blowout U.S. employment report -- and related rethink on the Federal Reserve's interest rate trajectory -- the dollar's rebound was well underway before Friday. The payrolls figures merely put the icing on the cake.
The main catalyst for the renewed dollar strength was the clear signals coming from central banks in Europe and Japan that any efforts by the Fed to up the ante on rate cuts would be matched in kind. ...
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