The greenback was widely expected to weaken in 2019 even before Jerome Powell’s dramatic intervention early in January when he first signalled that the Fed will be “patient” in assessing the need for further rate hikes. The Fed raised rates four times in 2018, driving the dollar index, which measures the US currency against a basket of six of its major peers, up by more than 4%. But while the central bank was always expected to slow the pace of rate increases in 2019, pressing the pause button so soon in January took many market participants by surprise. Moderating growth and muted inflation in the United States are ... (full story)