Dollar posts biggest 2-day drop in a year as Fed sparks hedge funds rout [CNBC]
The Bank of New York Mellon Corporation (BK)
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Source: CNBC
Dollar posts biggest 2-day drop in a year as Fed sparks hedge funds rout Antara Foto | Hafidz Mubarak via Reuters The dollar The sharp fall in the dollar took currency markets by surprise and forced some hedge funds that had built up large long dollar bets before the rate decision to dump the greenback. The Fed joined global peers such as the European Central Bank and the Australia's central bank this week in signalling that more policy stimulus is needed to boost growth. That fueled a rally in relatively higher-yielding currencies such as the Australian dollar and the Korean won. "It seems to us as if the 'dovish' Fed and Trump/Xi trade optimism narratives are both being rolled into a single ball of USD negativity," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. The dollar fell 0.5% against a basket of its rivals to 96.64, putting it on course to posting its biggest two-day losing streak since February 2018. It also retreated by 0.5% to a six-month low again
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