Reported 9 months ago
On June 27, 2024, the US is set to release its May PCE data, and if the data meets or falls below market expectations, it could boost the Fed officials' confidence in cooling inflation and shift towards dovish talks. Only when the Fed clearly announces the exact timing of rate cuts to the market can there be a possible reversal of the recent strong US dollar and weak non-US currency trend. This hawkish statement by Fed Governor Michelle Bowman led to the US dollar rising, non-US currencies weakening, with Asian currencies particularly hit hard, causing the Renminbi to fall to a seven-month low. The New Taiwan Dollar also diverged from the recent bullish stock market momentum, facing significant depreciation due to foreign investors withdrawing profits, but it could gain support if the US and Taiwan stock markets continue their bull run attracting foreign inflows.
Source: YAHOO