Reported 6 months ago
The euro slightly strengthened before the European Central Bank (ECB) meeting, where a rate cut is expected, while the dollar weakened due to expectations of U.S. Federal Reserve rate cuts. The Canadian dollar rose slightly after the Bank of Canada cut its interest rate. Traders are anticipating guidance on ECB's rate outlook, with predictions of potential rate cuts in September and December. The U.S. dollar was pressured by soft labor market conditions, supporting the likelihood of Fed rate cuts. The yen rose against the dollar, partially recovering losses from previous sessions, influenced by emerging market turbulence and expectations of Bank of Japan bond purchase reduction.
Source: YAHOO