Strong US Dollar Posts 5-Week High, Markets Price in a 75 bps Fed Rate Hike for June

Strong US Dollar Posts 5-Week High, Markets Price in a 75 bps Fed Rate Hike for June


While precious metals, stocks, and cryptocurrencies saw a significant downturn this week, the U.S. dollar tapped a 20-year high against the Japanese yen and a number of other currencies. The greenback has seen five weeks of consecutive gains following the Federal Reserve’s 50 basis point rate hike on Wednesday.

Greenback Climbs Higher Amid Economic Uncertainty

Before the U.S. central bank’s rate hike, the U.S. dollar tapped a two-year high and a 20-year high against the Japanese yen last week. Economic concerns are tied to the ongoing and strict Covid-19 lockdowns in China and the Ukraine-Russia war. Reports note that Beijing may plan to mass-test 20 million people for Covid-19 and the Chinese capital could get locked down.

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Moreover, Refinitiv data indicates the market is predicting

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