US Dollar strengthens after Fed suggests possible rate cut in September

From Investing.com: 2024-08-01 09:05:00

The Federal Reserve’s meeting leaves markets confident in an easing cycle in September. The dollar remains strong against most G10 currencies, except for the Norwegian krone. Asian emerging market currencies are firm, while European currencies weaken. Japanese stocks fall as the dollar hits JPY148.50. US index futures rise, Asian-Pacific bond markets catch up with US rally. Gold falls to $2400 as oil prices recover to around $78.50. Australia reports a trade surplus, China’s Caixin manufacturing index falls. The focus shifts to Bank of England meeting and potential rate cut. Euro and sterling face selling pressure, while the dollar steadies. Powell hints at rate cut discussions, upcoming economic data key for Fed’s decision-making. US auto sales expected to bounce back, potential noise in data from cyber-attack disruption. Canada and Mexico also release manufacturing PMI data.



Read more at Investing.com: US Dollar Storms Back After Fed Signals Low Bar for September Rate Cut