The dollar continued to decline during today’s Asian session. At the beginning of the European session on Thursday, the DXY dollar index futures were trading near 97.04, 20 pips below the opening price of today’s trading day and 56 pips below the opening price of the current week.
The Fed expectedly lowered the rate by 0.25% to 1.75% last Wednesday. At the same time, Fed leaders signaled that there was likely to be no further rate cut before the end of this year. At the same time, Fed Chairman Jerome Powell at a subsequent press conference again recognized the state of the US economy as strong, despite partial weakness in some sectors.
“There are many risks left, but I have to say that the risks seem to have weakened”, Powell said.
Now market participants will follow the publication on Thursday (at 12:30 GMT) of data on consumer and personal expenses and reports on employment and business activity in the manufacturing sector on Friday (at 12:30 and 14:00 GMT).