Is The Dollar Tired? Did Fed Frenzy Peak? A Look At The FX Price Action

Jul. 17, 2022 3:37 PM ETFXA, FXC, CYB, EROTF, ULE, EUO, FXE, FXY, JYNFF, YCL, YCS, FXB, GBBEF, UUP, USDU, UDN3 Comments
Marc Chandler profile picture
Marc Chandler
15.4K Followers

Summary

  • The stronger than expected rise in the US June CPI, above 9%, helped spur speculation that the Fed could raise rates 100 bp in a couple of weeks.
  • The Dollar Index reached almost 109.30 on July 14, its best level since late June 2002.
  • The Bank of Canada's aggressive 100 bp rate hike did not prevent the Canadian dollar from selling off last week.

World Currency Exchange Table Graph

matejmo

The price exchange in the foreign exchange market was a story separate from the macro developments. The euro traded below parity for the first time since 2002. The yen fell to its lowest level against the dollar in 22

This article was written by

Marc Chandler profile picture
15.4K Followers
Marc Chandler has been covering the global capital markets in one fashion or another for 25 years, working at economic consulting firms and global investment banks. A prolific writer and speaker he appears regularly on CNBC and has spoken for the Foreign Policy Association. In addition to being quoted in the financial press daily, Chandler has been published in the Financial Times, Foreign Affairs, and the Washington Post. In 2009 Chandler was named a Business Visionary by Forbes. Marc's commentary can be found at his blog (www.marctomarket.com) and twitter www.twitter.com/marcmakingsense

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