A dreadful week for the Greenback saw the USD Index (DXY) retreat to the area of five-week lows in the 104.00 neighbourhood, managing to regain some composure in the latter part of the week.
The USD Index bounced off multi-week lows near 104.00. Investors expect the Fed to start reducing rates in September. Fed speakers lean towards a cautious note regarding rate cuts. Fed speak, FOMC Minutes, and flash PMIs are next on tap. A dreadful week for the Greenback saw the USD Index retreat to the area of five-week lows in the 104.00 neighbourhood, managing to regain some composure in the latter part of the week.
Finally, Federal Reserve Bank of New York President John Williams welcomed the recent softer consumer inflation data but said this positive development is not sufficient to justify cutting interest rates soon, while Federal Reserve Bank of Cleveland President Loretta Mester stated that maintaining the current policy levels will help bring the still-high inflation back to the 2% target.
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