US Dollar Down Over 2% vs British Pound as Markets Price In Fed Rate Cut Next Week
US Dollar Down Over 2% vs British Pound as Markets Price In Fed Rate Cut Next Week
While the Japanese yen is the weakest major of them all today, the US dollar has tumbled quite a bit as the currency is down over 2 percent versus the British pound and more than 1.5 percent against the euro. Indeed, disappointing US retail sales and bearish producer prices played a role in the move, but the data also helped to shift Federal Reserve interest rate expectations. We’ve seen that speculation over rate increased by the Fed fueled much of the dollar rally since mid-July, but now traders are actually weighing the odds of a potential rate cut as soon as next week. If this sentiment holds, the US dollar decline could last for quite some time.
DailyFX
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