Dollar slumps as banking crisis chips away at its haven status and makes further Fed rate hikes a coin flip
The banking crisis has also fueled uncertainty about whether the Fed will keep raising rates, refrain from further hikes, or even cut them as it weighs the threat of inflation against the risk of ramping up pressure on lenders.
The central bank pressed ahead with its war on inflation Wednesday. However, traders are now 50-50 on whether it will approve another rate hike at its next meeting in May, according toThe Fed shying away from hikes could also weigh on the dollar. When rates stop rising, foreign investors seeking higher yields look for other places to invest.
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