Reuters: Dollar demand rises via FX swaps as year-end rush eyed

Borrowing costs for U.S. dollars in currency derivatives markets rose on Monday to their highest levels in nearly a year, driven up by the year-end dollar funding rush and the euro’s steady slide against the greenback.

Spreads on three-month euro-dollar cross-currency basis swaps were at the widest since since December 2020 at around minus 27 basis points, implying that non-U.S. borrowers are prepared to pay that much premium to access dollar funding.

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