Dollar pinned near 4-year low
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The dollar used to be a safe-haven asset, but as the U.S. become more politically volatile investors are going elsewhere.
Suddenly, the dollar is back on the slide, on an inkling that Washington is ready to use more than words to reverse its long-standing overvaluation in pursuit of a global trade reset. But trying to prod gigantic currency markets into seismic shifts could get very messy indeed.
The dollar enjoyed a respite Wednesday after this week's steep drop as traders awaited the US Federal Reserve's take on interest rates, while gold reached another record high thanks to
Heading into the FOMC meeting, market participants are pricing in around 97% probability of a rate hold. The outlook for the dollar is shaky. Many investors are choosing gold instead of USD.
U.S. and Japanese authorities are increasingly worried about the yen, and could be signaling intervention is around the corner.
By Gertrude Chavez-Dreyfuss NEW YORK, Jan 23 (Reuters) - The New York Federal Reserve conducted rate checks on the dollar/yen pair around midday on Friday, a source familiar with the matter told Reuters.
The yen stayed rangebound after the Bank of Japan held rates steady on Friday, while the U.S. dollar headed for its steepest weekly drop since June.
Gold prices reached another historic high Tuesday, pushing past the $5,150 mark as silver gains cooled off amid a weakening U.S. dollar, the decline of which President Donald Trump shrugged off during a trip to Iowa.