Dollar Heads for Best Run in Year in Bet on Fed Delaying Cuts [BNN Bloomberg (Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
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Source: BNN Bloomberg
The Bloomberg Dollar Spot Index climbed for a fifth day on Tuesday, making for the biggest gains in a week since February 2023 and taking it to the highest since November. A strong reading of US retail sales on Monday added to the rally sparked last week when surprisingly high US inflation data triggered a significant reduction in bets for Federal Reserve rate cuts this year. Also bolstering the greenback is an escalation in tensions in the Middle East, raising demand for the haven currency. “It is very hard to fight the dollar bull trend right now,” Chris Turner, head of currency strategy at ING Groep NV, wrote in a note. He said the index could climb another 1.2% toward 1,280, which would be its highest since October. Traders are now pricing for the Fed to begin easing in September and reduce rates by 42 basis points by year-end, versus seeing a start in July and 65 basis points of cuts a week ago. This view has been backed up by Fed officials including Mary Daly, who reitera
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