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Dollar Strengthens as Fed Chair Powell Signals No Urgency for Rate Cuts, Euro and Pound Decline Ahead of Eurozone CPI
The US Dollar has shown signs of stabilization overnight, attempting to recover from recent losses. This rebound was supported by comments from Federal Reserve Chair Jerome Powell, who indicated that the Fed is not in a hurry to implement rapid interest rate cuts. As a result, market expectations for a 50 basis point cut at the upcoming November meeting have decreased significantly, with the probability dropping from 53.3% to 36.7%. Despite this support, the Dollar's momentum remains fragile, prompting investors to closely monitor forthcoming economic data, including today’s ISM manufacturing report, for further guidance. Oct 1st 2024
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