Currencies
Dollar Rises to Highest Since 2022 as Less Fed Cuts Seen
- Fed signaled a slower pace of interest-rate cuts next year
- Greenback rose against all G-10 currencies so far in 2024
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The dollar rallied to the strongest level in over two years after the Federal Reserve signaled a slow down in the pace of monetary easing next year.
The Bloomberg Dollar Spot Index rose 0.9% Wednesday, its highest since 2022. The surge sent other major currencies lower. The euro, pound and Swiss franc fell 1% against the US dollar during the day, while the offshore Chinese yuan fell to the lowest level since 2023.