Christmas Features 2018 

FX: Too early to call the top on the dollar rally?

FX: Too early to call the top on the dollar rally?

In the story of the foreign exchange market, the chapter on 2018 was dominated by one leading protagonist: the ascendant US dollar. The buck stole the show as soaring growth, widening interest rate differentials and a flight to quality drove market sentiment in favour of the US currency against its major peers. The past 12 months were also marked by a series of emerging market sell-offs amid a persistently strong greenback; but can 2019 yield more gains for the US dollar or has the party ended? The question will be crucial for the FX markets in the coming months.

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