Monetary policy easing in the United States fueled by worries about the economic...
NEW YORK - Monetary policy easing in the United States fueled by worries about the economic impact of the coronavirus is endangering the dollar’s years-long rally and giving a boost to currencies around the world.
The Fed acted on Tuesday, delivering a 50-basis point emergency rate cut, with many traders expecting at least two more such moves in coming months. The euro zone’s ultra-low interest rates have made the single currency a popular funding vehicle for such strategies, which have become less appealing as market volatility has grown.
A falling greenback could also soften the coronavirus’ impact on the economies of developing countries, making it easier for them to service their dollar-denominated debt. Fed funds futures for June 2020 on Friday implied traders are pricing in an 84% chance of at least a 25 basis point rate cut at that month’s meeting.
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