The U.S. dollar will weaken steadily over the coming months on mounting concerns over the Federal Reserve's independence, the credibility of official statistics, ballooning fiscal debt and rising bets on interest rate cuts, a Reuters survey of foreign exchange analysts showed on Tuesday. Underscoring those concerns, President Donald Trump's dismissal of the Bureau of Labor Statistics commissioner last week over unproven claims of data rigging - following record downward revisions to job numbers - prompted a swift reversal of recent dollar gains from Trump's tariff deal with the EU. While...
The USD/JPY pair trades 0.35% higher to near 147.70 during the European trading session on Tuesday. The pair gains after attracting significant bids after refreshing the 10-day low around 146.60 earlier in the day. An underperformance by the Japanese Yen (JPY) has contributed significantly to a decent recovery move in the pair. The Japanese currency trades weakly even as the minutes of the Bank of Japan's (BoJ) June monetary policy meeting signal that officials are confident about raising interest rates further by the year-end. The support for further policy tightening from BoJ...
The Australian Dollar (AUD) edges modestly higher against the US Dollar (USD) on Tuesday, paring early losses as the Greenback comes under renewed pressure amid fresh signs of a slowing US economy. The AUD/USD pair drifted lower for most of Tuesday's session but rebounded from an intraday low of 0.6449, climbing toward 0.6473 during American trading hours after the US ISM Services Purchasing Managers Index (PMI) disappointed market expectations. The ISM Services PMI for July fell to 50.1, missing expectations of 51.5 and slipping from 50.8 in June, signaling a further loss of momentum in...