 Dollar's rally is gaining significant traction today, as major European currencies face increasing selling pressure. The break of last week's lows in both EUR/USD and GBP/USD pairs suggests that the greenback's rise is poised to extend further in the near term. However, the sustainability of this rally will largely depend on market reactions to critical upcoming events, including FOMC rate decision and pivotal economic indicators like ISM manufacturing index and non-farm payrolls. Investors are keenly anticipating Fed's next moves, with expectations high that Fed will signal impending rate cuts in September. Moreover, there is growing speculation that Fed might indicate the openness to implement back-to-back rate cuts in September, November, and December. However, if Fed Chair Jerome Powell adopts a more cautious tone, it could lead to investor disappointment, resulting in a decline in stock markets and a stronger Dollar as a safe-haven asset... |
