The US dollar is close to erasing all its gains for the year! Is there still room for further decline in the future?
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The US dollar is approaching to erase all its gains so far this year, as the market expects the Federal Reserve to accelerate rate cuts to support the economy. The Bloomberg US Dollar Spot Index edged up slightly but remains close to its lowest level since December last year. Short-term US Treasury yields rose, with traders increasing bets on rate cuts. The Fed may cut rates by another 50 basis points in November. Economic pressures are mounting, with an increase in unemployment and a decline in consumer confidence. Fed Chair Powell stated that they will continue to monitor economic activity to determine future actions
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