*DOLLAR PLUNGES TO END THE WEEK, SUFFERS WORST WEEKLY LOSS SINCE MARCH 2009 - $USD 🇺🇸🇺🇸
NEW YORK - The dollar fell across the board for a second straight day on Friday, as investors favoured riskier currencies following signs U.S. inflation is cooling that boosted the case for the Federal Reserve to ease off its hefty interest rate hikes.
The U.S. currency's long rally over the last two years had drawn a host of dollar bulls leading to crowded positioning and Thursday's data left a lot of them looking for a quick exit, strategists said. "The dollar is one of those markets that is extreme in its overvaluation - there is a strong chance we have seen the peak," Jim Cielinski, global head of fixed income at Janus Henderson Investors told the Reuters Global Markets Forum on Friday."Yes, more people have become convinced the dollar has peaked but the move has been so sharp that I caution people against chasing it," Bannockburn's Chandler said.
Investor risk appetite got an additional boost from Chinese health authorities easing some of the country's strict COVID-19 restrictions, including shortening quarantine times for close contacts of cases and inbound travellers.
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