Currencies
Dollar’s Epic Drop Sends Franc and Yen Surging as Traders Weigh Fed Path
- Traders consider impact of cooling inflation on Fed’s policy
- Bloomberg’s dollar gauge plunged to lowest since April 2022
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A 14-month low in the US dollar rippled through global currency markets as traders consider the impact of cooling US inflation on the Federal Reserve’s most-aggressive tightening cycle in a generation.
The Swiss franc rose to the strongest level since 2015 against the US currency, while Japan’s yen climbed more than 1% on the day to consolidate its gains below 140 per dollar. The euro spiked to $1.11, and the British pound touched $1.30 — both hitting their strongest levels in more than a year.