A 14-month low in the US dollar is rippling through global currency markets as traders consider the impact of cooling US inflation on the Federal Reserve’s most aggressive tightening cycle in a generation.
The Swiss franc rose to the strongest level since 2015 against the US currency, while Japan’s yen gained more than 1 per cent on the day to consolidate its gains below 140 per US dollar. The euro spiked to $US1.10, and the British pound climbed to $US1.30 – both hitting their strongest levels in more than a year.
