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🌎DOLLAR PLUMMETS AMID RATE CUT EXPECTATIONS

🌎DOLLAR PLUMMETS AMID RATE CUT EXPECTATIONS

Day: 08 | Time: 16:13:24 The US dollar experienced a significant decrease during the week of July 5th due to weak economic data that renewed expectations of a rate cut by the Fed. The dollar weakened against the euro, pound sterling, Australian dollar, Japanese yen, Canadian dollar, Swedish krona, and Swiss franc. The Dollar Index (DXY) saw a sharp decline during the week, dropping from 105.87 to 104.88. Data showed a decline in manufacturing activity and an increase in the unemployment rate, strengthening expectations of a rate cut by the Fed. The euro and pound sterling saw a surge against the dollar, while the yen strengthened.