Dollar touches year’s low as traders prepare for rate cuts

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Financial Times 13h ago

Dollar touches year’s low as traders prepare for rate cuts - Financial Times

Quick Summary:

Markets are pricing in three or four quarter-point Fed rate cuts by the end of the year after strong retail sales figures restored confidence that an imminent recession would be avoided.

She added that the euro — the greenback’s biggest rival — has been “really resilient” in rising 3 per cent against the dollar since early July despite weak German manufacturing and a slowdown in demand from China.

The US currency has fallen 2.2 per cent against a basket of rival currencies this month — back to a level not seen since the first trading day of January — as investors expect the US central bank to cut rates next month.