The dollar rose Monday on high Treasury yields and a more restrained rate-cut outlook but was capped by intervention risks against the yen.
The dollar was looking to extend its bull run on Monday as lofty Treasury yields and a more restrained outlook for U.S. rate cuts burnished its attractiveness, though the risk of intervention had caused a pullback against the yen.The dollar was looking to extend its bull run on Monday as lofty Treasury yields and a more restrained outlook for U.S. rate cuts burnished its attractiveness, though the risk of intervention had caused a pullback against the yen.
Markets imply around a 55% chance of a quarter-point rate hike to 0.5% when the BOJ meets on Dec. 19. The rally has coincided with a savage swing in 10-year Treasury yields, which have climbed 70 basis points since the start of October, fuelling a 5.4% rise in the"While a period of consolidation looks likely in the near term, we have revised up our forecasts for the dollar and now project a further 5% appreciation by the end of 2025," said Jonas Goltermann, deputy chief markets economist at Capital Economics.
Analysts generally assume Trump's touted policies of tariffs, reduced immigration and debt-funded tax cuts will be inflationary, so limiting the scope for further rate cuts by the Federal Reserve.
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