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2023/03/09 / Erste Group Research

US-Dollar bleibt volatil

Der Dollar hat sich seit etwa Anfang Februar gegenüber dem Euro deutlich befestigt und konnte damit einen Teil der Verluste während der Monate zuvor wettmachen. Grund war eine Reihe von US-Wirtschaftsdaten, die besser und Inflationsdaten, die höher als erwartet ausfielen. Dies führte dazu, dass die Zinserwartungen für die USA stärker stiegen als für die Eurozone, was den Dollar attraktiver machte.

Im Zug des jüngsten Renditeanstiegs in der Eurozone schwächte sich der Yen zum Euro in den letzten Handelswochen graduell ab. Diese Entwicklung kommt durch die Kontrolle der Renditestrukturkurve der Bank of Japan (Rendite japanischer 10-jährige Staatsanleihen wird in einem Korridor von +/- 25 Bp bis +/- 50 Bp gehalten) zustande.

Die SNB straffte im Dezember die Geldpolitik und erhöhte den SNB-Leitzins um 50 Basispunkte auf 1,0%. Das aktuell herausfordernde Umfeld, mit hohen Inflationsraten auf globaler Ebene sowie hohen geopolitischen Risiken, begünstigt weiterhin den Franken als sichere Hafen Währung.

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General information

AuthorErste Group Research
Date2023/03/09
Languagede
Product nameDevisen News
Topic in focusFX, Macro/ Fixed income
Economy in focusJapan, Switzerland, United States
Currency in focusSwiss Franc, US Dollar
Sector in focus-
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