{"id":42177,"date":"2023-01-03T16:43:00","date_gmt":"2023-01-03T16:43:00","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump"},"modified":"2023-01-03T17:54:01","modified_gmt":"2023-01-03T17:54:01","slug":"dollar-makes-strong-start-to-2023-after-months-long-slump","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump","title":{"rendered":"Dollar makes strong start to 2023 after months-long slump"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The dollar posted gains against nearly all its major peers as trading kicked off in 2023 after a seasonal holiday lull.<\/p>\n

Only the Japanese yen proved stronger than the greenback among Group-of-10 currencies, with the pound, euro and Swiss franc falling sharply. That saw the Bloomberg dollar spot index climb as much as 0.9%, putting it on track for its best day since mid-December.<\/p>\n

Traders said the moves were exacerbated by thin liquidity. But it was also a reminder that the dollar\u2019s decline in recent months \u2014 which is broadly expected to keep going this year \u2014 will not be a one-way move.<\/p>\n

“From a re-balancing perspective, the US dollar ended the year a bit overdone,” said Geoff Yu, senior currency strategist at Bank of New York Mellon. That implies “a bit of recovery flow happening almost by default.”<\/p>\n

The Bloomberg spot index fell 6.8% between October and December as traders slashed long-dollar positions, its worst quarterly performance for more than a decade. While Yu sees further weakness, he\u2019s “highly skeptical” that the Federal Reserve can cut interest rates this year, which could help temper a longer-term drop.<\/p>\n

Traders will scour new data this week for clues on the state of the US economy. Signs were building last year that an aggressive cycle of rate hikes was starting to bring down red-hot inflation, though wage gains remain strong, suggesting higher rates for longer.<\/p>\n

The Australian dollar led losses against the greenback, down 1.4% to 0.6707. The yen bucked the trend to advance, reflecting bets on tighter policy from the Bank of Japan after its surprise December decision to tweak its yield curve control settings.<\/p>\n

The currency pared gains in European hours to trade up 0.2% at 130.59, after earlier appreciating nearly 1% to the strongest since early June. With Japanese financial markets still shut for new-year holidays, currency flows doubled since the London open, according to Ian Tew, head of G-10 currency spot trading for EMEA at Barclays Plc.<\/p>\n

“We\u2019re looking at an uncertain 2023 and many macro themes will dictate market narratives \u2014 today feels like an unwind of short term December positions, rather than anything fundamental to start the year,” Tew said. “The overwhelming flow has been for yen calls in the option space, but we have also seen dollar demand from hedge funds.”<\/p>\n

— With assistance from Libby Cherry.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The dollar posted gains against nearly all its major peers as trading kicked off in 2023 after a seasonal holiday lull. Only the Japanese yen proved stronger than the greenback among Group-of-10 currencies, with the pound, euro and Swiss franc falling sharply. That saw the Bloomberg dollar spot index climb as much […]<\/p>\n","protected":false},"author":84,"featured_media":42176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,4016,275],"class_list":["post-42177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-dollar","tag-south-africa-2"],"yoast_head":"\nDollar makes strong start to 2023 after months-long slump - South Africa<\/title>\n<meta name=\"description\" content=\"The dollar posted gains against nearly all its major peers as trading kicked off in 2023 after a seasonal holiday lull. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar makes strong start to 2023 after months-long slump\" \/>\n<meta property=\"og:description\" content=\"The dollar posted gains against nearly all its major peers as trading kicked off in 2023 after a seasonal holiday lull. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-03T16:43:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-03T17:54:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/01\/postQueueImg_1672751586.91.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1620\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Dollar makes strong start to 2023 after months-long slump\",\"datePublished\":\"2023-01-03T16:43:00+00:00\",\"dateModified\":\"2023-01-03T17:54:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump\"},\"wordCount\":403,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/01\/postQueueImg_1672751586.91.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"dollar\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/dollar-makes-strong-start-to-2023-after-months-long-slump\",\"name\":\"Dollar makes strong start to 2023 after months-long slump - 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