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The Federal Reserve's dovish December pivot has boosted the case for the weakening dollar to keep falling into 2024, though strength in the U.S. economy could limit the greenback’s decline.
Following the US Federal Reserve's most aggressive cycle of interest rate hikes in decades, to battle stubbornly high inflation, traders are now positioning for the central bank to turn much more dovish.
The New Zealand dollar surged 0.65% to $0.63115 while the Aussie gained 0.25% to $0.67485 in mostly thin trading amid the year-end holiday season
The Fed on Wednesday will release the minutes from its most recent meeting, with investors looking for any sign of discussions around moderating the pace of interest rate hikes.
Against the Japanese yen, the greenback was 0.44% higher at 148.08, particularly helped by the Bank of Japan's (BOJ) decision to keep ultra-low interest rates on Friday, and BOJ Governor Haruhiko Kuroda's still-dovish comments in the face of rising interest rates elsewhere.