The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs report as traders awaited...
TOKYO - The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs report as traders awaited testimony from Federal Reserve Chair Jerome Powell for clues on the path of interest rates.
Traders currently set about 76% odds for a rate cut at the September meeting, up from 66% a week ago, according to the CME Group's FedWatch Tool. Another cut is expected by December. "All ears will be on how Powell communicates the risks between stubborn inflation and unnecessary labour market deterioration," said Ray Attrill, head of FX strategy at National Australia Bank, who expects the U.S. dollar to decline over the longer term.
The yen was steady at 160.91 per dollar, finding some equilibrium this week after rebounding from Wednesday's nearly 38-year trough of 161.96. "Two years ago, workers who lost their jobs could simply walk across the street to find new work. That has become increasingly difficult," BCA said.
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