Dollar Weakens as Investors Bet on Fed Rate Cuts in 2023 While Markets Rally on Rate Pivot Hopes
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The dollar is weakening as investors expect the Fed is done hiking rates and may cut in early 2023.
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Asian markets extended a Wall Street rally, with Hong Kong leading gains on a rebound in Alibaba shares.
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Speculation is growing the Bank of Japan may shift from ultra-loose policies as the yen bounces off 32-year lows.
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Richmond Fed president warned more tightening is needed to curb stubborn inflation, despite bets on Fed cuts.
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Traders await Fed November meeting minutes and official remarks for guidance on rates ahead of December policy decision.