Business Maverick: Dollar Bears and Trump Both Dealt Blows by Fed’s Hawkish Cut

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Business Maverick: Dollar Bears and Trump Both Dealt Blows by Fed’s Hawkish Cut By Bloomberg

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The greenback surged in the aftermath, with the Bloomberg dollar index jumping to a two-month high. Another benchmark from Intercontinental Exchange Inc. got to a level last seen in 2017. Hedge funds and speculators weren’t positioned for this, having gotten the least bullish on the dollar since June 2018 as of a week ago, the date of the most-recent government tally.

Traders in Asia are buying the greenback on expectations that a less-dovish Fed will keep the dollar a higher-yielding currency, said Rajeev De Mello, chief investment officer at Bank of Singapore Ltd. The stronger dollar will be “difficult” for emerging-market assets in the short-term, although central banks are still likely to cut rates if global growth slows, he said.

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