Dollar Seen Dropping Further in 2024 as Fed Cuts Rates and Global Growth Recovers
• Dollar expected to weaken further against other currencies in 2024 as Fed starts cutting interest rates • Dollar index erased all 2022 gains in November with its biggest monthly drop in a year • Dollar strength in 2022 largely due to superior US economic performance compared to peers • Analysts see more dollar weakness in 2nd half of 2024 as global growth recovers and currencies like euro look undervalued • Euro, yen, and sterling forecast to gain 3.6%, 7.4%, and 1.7% respectively against the dollar over the next year