Dollar bulls are in retreat. For much of the past year, investors have been adamant that the next big trend in currency markets would be the dollar’s resurgence. But the US currency has emerged as the biggest victim of the drama in Washington over the debt ceiling.
Since last week’s eleventh hour deal to extend the debt ceiling – and avert a possible sovereign default – the dollar has fallen against almost all leading currencies and remains near an eight-month low against a basket of six main rivals.
Analysts polled by Bloomberg expect the dollar to strengthen in the long run, but the median forecast for 2015 has fallen 4 per cent since early June.
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