U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights
SINGAPORE, Nov 20 (Reuters) – The dollar slid to a two-month low on Monday, extending its downtrend from last week as traders reaffirmed their belief that U.S. rates have peaked and turned their attention to when the Federal Reserve could begin cutting rates.
The yuan struck three-month highs in both the onshore and offshore markets, propped up by China’s central bank, while the Australian dollar similarly scaled a three-month top against the falling greenback.
The dollar index in Asia trade bottomed at 103.64, its weakest level since Sept. 1, extending its nearly 2% decline from last week — the sharpest weekly fall since July.
Markets have priced out the risk of further rate hikes from the Fed following a slew of weaker-than-expected…
