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2023/03/09 / Erste Group Research

US-Dollar remains volatile

The dollar has strengthened significantly against the euro since around the beginning of February, making up some of the losses during the months before. This was due to a series of better-than-expected U.S. economic data and higher-than-expected inflation data. This led to interest rate expectations for the U.S. rising more than for the euro zone, which made the dollar more attractive.

In the wake of the recent rise in yields in the Eurozone, the yen weakened gradually against the euro in recent trading weeks. This development comes from the Bank of Japan's control of the yield curve (yields of Japanese 10-year government bonds are kept in a corridor of +/- 25bp to +/- 50bp).

The SNB tightened monetary policy further in December and increased the key SNB interest rate by 50bp to 1.0%. The current challenging environment, with high inflation rates at the global level and high geopolitical risks, continues to favor the franc as a safe haven currency.

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General information

AuthorErste Group Research
Product nameForex News
Topic in focusFX, Macro/ Fixed income
Economy in focusJapan, Switzerland, United States
Currency in focusSwiss Franc, US Dollar
Sector in focus-


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