Big investment banks are turning more bearish on the dollar as expectations grow that a “soft” economic landing will reduce the need for the US Federal Reserve to raise interest rates much further.
Morgan Stanley, JPMorgan Chase, Goldman Sachs and HSBC are among the lenders to have either scrapped bullish dollar calls or forecast further declines for the currency in the wake of last week’s unexpectedly large drop in US inflation.
The US currency sank to a 15-month low against an index of rivals following last Wednesday’s figures, which bolstered expectations that the Fed could soon end its campaign of monetary tightening without tipping the world’s largest economy into recession.
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