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EURUSD – In late November the dollar dropped to 96 cents against the euro after rising to a 20-year high of $1.04 in September, as markets predict that the aggressive interest rates hikes by the Fed to reign in inflation may be over. However, due to the Eurozone’s reliance on gas from Russia, the euro will remain vulnerable while Putin’s so called Russian ‘special military operation’ in Ukraine continues.
CADUSD – In October the loonie remains weaker, down from recent highs of 0.78 in August to around 0.73 relative to the greenback (1 USD = 1.37 CAD).
AUDUSD – In October the Aussie weakened after the Reserve Bank of Australia surprised the markets when they only raised interest rates by a quarter of a percent. This was despite the fact that they had raised rates for 6 months in a row.
USDJPY – The Japanese yen continues to lose ground against the US dollar. For reference, with USD/JPY hitting 150 in mid October — a more than 32-year Low for the yen — prompting the Bank of Japan to intervene to support the struggling yen. Yen weakness against the greenback stems from the interest rate differentials between Japan and the US. The market expects that the Fed Reserve will continue to hike rates aggressively, while the BOJ is committed to low interest rates.
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