the forex market experienced

In 2024, the forex market experienced significant developments influenced by central bank policies, geopolitical events, and technological advancements. Here's an overview of key trends and events:

Central Bank Policies and Interest Rates

• Federal Reserve (Fed): Entering 2024, markets anticipated the Fed would initiate rate cuts, with expectations of reductions beginning in March. Fed fund futures indicated a 70% chance that rates would end the year in the 3.50% to 4.00% range.

• European Central Bank (ECB): The ECB was expected to commence rate cuts, with markets eyeing over 125 basis points of reductions by November 2024. A 50 basis point cut in December remained a possibility, reflecting concerns about economic growth.

• Bank of Japan (BoJ): The BoJ maintained its ultra-loose monetary policy early in the year but faced pressure to adjust due to global economic shifts. Speculations about abandoning its sub-zero rate emerged, influencing the Japanese yen's performance.