The US dollar has wilted against its peers in the opening month of 2023 as the Federal Reserve fades as the key driver in currency markets and investors focus on the policies of other major central banks.
The Fed’s campaign of big rate rises captivated investors in the first nine months of 2022, igniting a rush into the dollar. But as the US central bank has slowed its increases in borrowing costs, the currency has slid against its peers.
The dollar has fallen 1.4 per cent in January against half a dozen major currencies, leaving it on track to record its fourth-straight monthly decline. It is now trading at levels last seen in May 2022.
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