US dollar weakens amid Fed meeting minutes anticipation, rate cut expectations, and global PMI readings.
The US dollar faltered against its peers, as investors anticipate the Federal Reserve's July policy meeting minutes, Chair Jerome Powell's speech, Canadian & Japanese inflation data, and PMI readings from the US, eurozone, and UK for insights into US interest rates. The euro rose to $1.1026, pound hit a one-month high of $1.2950, while the dollar fell 0.06% to 102.40, with traders fully pricing in a 25-basis-point rate cut in September, and futures indicating 90 basis points of easing by year-end.
August 19, 2024
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