The dollar was catching its breath on Monday after dropping last week when the Federal Reserve hinted at an end to the U.S. rate increase cycle.
each raised rates by 25 basis points and offered varying degrees of caution about the outlook, which markets took as signals that rate rises are slowing or stopping.
U.S. interest rate futures are pricing about a one-third chance of a rate cut as soon as July, according to the CME FedWatch tool — even though"The Fed has tended to guide away from the possibility of rate cuts this year, which is somewhat at odds with a rates market which is pricing in cuts," HSBC analysts said in a note.
"If the Fed is proved right over the course of 2023, then it will make it harder for the dollar decline to extend," the analysts wrote. "But for the time being, the market is likely to run with the theme of a peak in Fed rates justifying a clear peak in the dollar."dropped for a second week in a row last week, losing about 0.4%. The Antipodean currencies also logged solid gains last week, but remain short of clear breaks into new territory.
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