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The strong US dollar does not ease exchange rate concerns, which are not only felt in Japan but are also spreading around the world.

The recovery of the US dollar has allowed governments and governments around the world toCentral bankPresidents are under immense pressure to take action to ease the pressure on their currencies.

From Tokyo to Istanbul, policymakers defended the currency through words and actions as the resilient US economy.cut interest ratesThe US dollar is expected to maintain its strong pattern.

The US dollar has risen against almost all major currencies so far in 2024, defying predictions by many Wall Street analysts that the US dollar will sell off this year. This has prompted Japan to raise its warnings and claim it is ready to intervene to bring the yen back from its lowest level in almost 34 years.Turkey unexpectedly raised interest rates

Boosting the lira, China and Indonesia have moved to stabilize the exchange rate, while Sweden andIndiaThere is pressure also.

These efforts are reminiscent of 2022, when officials in Switzerland and Canada bemoaned the weakening of their currencies as inflation soared and strong dollar flows into emerging economies, leading to Sri Lanka’s historic default. Countries with heavy foreign debts are still at risk, and the Maldives and Bolivia are particularly vulnerable if the dollar continues to strengthen.

“The US dollar is putting pressure on other central banks,” said Helen Given, Monex forex trader. Given the current global environment, central banks are trying to end the cycle of tightening, and it seems that there is a way out of this. There is no safe way.” “Dominance of the US Dollar.”

A few months ago, a US recession seemed inevitable. But the reality is that the data shows investors are reevaluating expectations for rate cuts from the Federal Reserve due to a tight labor market, upbeat consumer sentiment and government subsidies for manufacturing.

Traders are currently predicting three interest rate cuts in 2024, each cut of 1 percentage point, significantly less than the more than 150 basis points bet on a rate cut at the beginning of the year. The Bloomberg Dollar Index is up more than 2% this year and has hit all non-US currencies from the Indian rupee to the Nigerian Naira, with both falling to record lows.

“This is a story of pure American exceptionalism. Buying US dollars is still the number one transaction,” said Stephen Miller, an adviser with 40 years of market experience at Grant Samuel Fund Management Co. in Sydney.

Finance(TagstoTranslate)Interest rate cut(T)Central Bank(T)India

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