Dollar Hits Fresh Two-Week Low as US Yields Retreat
The dollar fell and Treasuries rallied amid renewed bets on an imminent interest rate cut despite a session light on economic data. Investors ramped up expectations that the Federal Reserve will cut rates by at least a quarter point in September just as Treasury Secretary Scott Bessent urged a reduction at the next meeting.
The Bloomberg Dollar Spot Index falls 0.3%, extending Tuesday’s decline and touching weakest mark since July 28.
EUR/USD rallies by 0.4% to 1.1719, fresh two-week high.
EUR/GBP slips 0.2% to 0.8630, heading for a fifth daily drop, the longest losing streak since late May.
USD/JPY falls 0.5% to 147.18, largest intraday drop in nearly a week.
Source: Bloomberg