The US Dollar (USD) suffered a setback on Tuesday heading into the US trading session with the US Retail Sales figures taking the spotlight. Coming in at 0.7%, beating the 0.5% estimate for November, the reading was less impressive than the US Services Purchasing Managers' Index (PMI) on Monday. Even a revision to the previous reading to 0.5%, from 0.4% failed to cheer traders and add to their US Dollar positions. Instead, the US Dollar began to pare back some of its gains on the day.
Meanwhile, the Federal Reserve is set to cut its policy interest rate by 25 basis points on Wednesday – offering a small goldilocks scenario for the week – but growing expectations that the Fed will slow its rate-cutting cycle in 2025 kept the USD supported.
Source: FXStreet
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