Dollar eyes quarterly drop as rate rise bets recede
The European common currency was at $1.0883, down 0.2% on the day, but heading for a 1.1% weekly gain, its most in 11 weeks, as well as monthly and quarterly increases.figures released Thursday have reinforced expectations that there are a few more rate increases left from the European Central Bank.
He said "a big chunk of the move already happened after yesterday’s German figures were released." The euro rose 0.56% on Thursday. Markets now see a roughly 40% chance that the Federal Reserve is finished with rate increases. Fed funds futures have priced rate cuts by year's end. Sterling is set to be the best performing currency in the first quarter of 2023 with a roughly 2.5% gain. It was down 0.2% on the day on Friday at $1.2363 , but still set for weekly and monthly increases.
"This week we have a recovery in risk sentiment because we haven't had any major bad news about Europe or U.S. financial institutions," said Yujiro Goto, chief FX strategist at Nomura Securities in Tokyo.Another so-called safe-haven, the Swiss franc , has had a wild month as it rose in the wake of Silicon Valley Bank's collapse, then dived as bank jitters hit Switzerland.
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