The dollar hit an eight-month peak against other leading currencies yesterday, intensifying pressure on emerging markets as investors raised their bets on a “great divergence” in international monetary policy this month.
Investors are preparing for a pivotal few weeks where the cross-Atlantic policy gulf between the European Central Bank and the Federal Reserve is expected to widen drastically, stirring up monetary cross-currents that will set the tone for 2016.
The ECB is on Thursday expected to act on the promise by Mario Draghi, the bank’s president, to “do what we must” to stimulate growth and drive inflation higher, potentially ramping up its quantitative easing programme.
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