Reported 4 months ago
The US dollar is on track for its first monthly loss since December as inflation concerns ease, strengthening expectations that the Federal Reserve may reduce interest rates before the year ends. This shift in the dollar's momentum comes after Fed Chair Jerome Powell downplayed rate hike worries and a milder-than-expected rise in the consumer price index reduced inflation fears. The dollar's retreat has been accompanied by a decline in bullish bets on the currency, with speculators cutting long positions for a fifth consecutive week.
Source: YAHOO