This is where the FOMC meeting next week becomes even more interesting. The expectation for a rate hike has been revised from 50 bps to 25 bps post the Silicon Valley Bank collapse. The anticipation has deepened to no rate hikes as more banks collapsed.
Dollar feeble as rate hike bets dwindle, Iran war worries grow
The U.S. dollar weakened against major currencies as traders scaled back tightening expectations. Soft economic data, including retail sales and job losses, influenced these shifts.