Life in the old buck yet
by AIB Treasury Economic Research Unit
- The dollar was in the ascendancy from mid-2021 through to autumn 2022 as hikes in US interest rates, rising US bond yields and elevated geo-political tensions drove the currency to twenty year highs.
- The dollar lost some further ground in the late spring amid the emergence of stresses in parts of the global banking system, in particular in the US.
- At the same time, the euro was softer in the aftermath of the May ECB meeting, despite its continuing hawkish policy stance.
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