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Morgan Stanley strategists say that if risk appetite rebounds and the Federal Reserve avoids raising interest rates, the US dollar may weaken in the coming months. They believe that when interest rates do not rise, positive risk sentiment is unfavorable for the US dollar, but if the US economy performs better than other countries and pushes for greater interest rate hikes, the US dollar will benefit. In addition, the European Central Bank and the Bank of Japan are expected to raise interest rates this month, and the narrowing of interest rate spreads may increase risk appetite, putting pressure on the US dollar.