Now: USD Lost its Ground

Although the panic is still hitting the market in which should boost the dollar as safe haven, the opposite happened which has plunged the dollar down against almost all of the major rivals. The Switzerland National Bank (SNB) created a shock in the market after unexpected rate hike of 50-basis points. Bank of England (BoE) on other hand moved as expected and made it 5th rate hike of 25-basis points. The winner of the week still Fed with 75-basis point rate hike. All these rate hike become the catalyst of fear for the possibility of recession.

The equity markets continue their decline with all these hikes as the fear of recession become the main movers. Wall Street plummet to the fresh 2022 low with Dow Jones and S&P 500 at the level early last year. FTSE 100 also plunge down with the BoE decision as market expect the possibility of the recession.