U.S. dollar is losing its appeal as 'safe-haven currency of last resort' - PIMCO
A strong U.S. dollar was one of gold's main obstacles last year as investors embraced the currency as a safe haven. But that outlook is drastically changing in 2023 as Pacific Investment Management Co. forecasts a significant downward trend for the USD.
Even Federal Reserve Chair Powell acknowledged that inflation is starting to come down."It is gratifying to see the disinflationary process now getting underway," Powell said Wednesday."We can now say, for the first time, that the disinflationary process has started. And we see it really in goods prices so far."
PIMCO's forecast includes one more rate hike from the Fed following the central bank's February decision to hike at a slower pace of 25 basis points. The latest rate increase means the Fed has hiked by 450 basis points since the start of this tightening cycle. On Thursday, the ECB raised interest rates by 50 basis points and signaled that more aggressive rate hikes are coming.
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