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Friday's tech earnings on Wall Street lifted risk appetite, causing the dollar's broad decline and marking its first weekly loss this year.
Thursday saw the dollar near a seven-week high against the euro after Fed Chair Jerome Powell resisted March interest rate cuts.
The dollar sees its biggest monthly gain since September; the yen faces its sharpest drop in a year. The Fed and BOJ may delay expected rate changes.
The dollar was range-bound on Tuesday, as traders awaited the Fed's monetary policy decision this week for clues on possible rate cuts.
The dollar edged up on Monday as investors assessed US economic data before the Fed meeting. A 48% probability is assigned for a March rate cut.
On Friday, the euro weakened as the ECB maintained its expected stance at the policy meeting. Investors increasingly anticipate a rate cut in April.
China announced a cut in bank reserve interest rates, releasing 1 trillion yuan in liquidity and boosting the sluggish stock market.
Thursday: Dollar near 6-week high lacks direction as investors await more data. Q4 US GDP growth expected at 2% - Reuters poll.
Wednesday's robust dollar is due to stronger-than-expected jobs and inflation reports, causing investors to lower bets on Fed interest rate cuts in Q1.
BOJ's expected ultra-easy policy keeps yen falling. Governor Ueda finds quantifying proximity to the 2% inflation target challenging.
The euro weakens to a near 1-month low amid a bleak economic outlook. The ECB predicts a Q4 2024 contraction. Contrast with the US adds pressure.
Thu saw the dollar near a one-month peak post strong US retail sales, signaling persistent inflation. The market still expects a 150 bps cut in 2024.
Fed Governor Waller's comments tempered rate-cut expectations, keeping the dollar index near a one-month high on Wednesday.
Tuesday saw the dollar climb, with reduced expectations for Fed rate cuts after the ECB's hawkish remarks. The euro lost momentum.
The dollar weakened on renewed expectations of early Fed rate cuts. An unexpected fall in producer prices indicates a continued decline in inflation.