The Dutch bank ING said that while a recession is unlikely, the dollar will face further declines as the Federal Reserve is likely to cut interest rates in response to upcoming weak U.S. economic data, which will reduce the inflow of safe-haven funds.
Weak U.S. data and a Fed response will lead to a steeper yield curve, along with a rise in risk appetite and a weaker dollar, compared to a recession and a Fed non-response, analyst Chris Turner said in the report. The Fed may signal a rate cut at the Jackson Hole symposium on August 22-24. The dollar index DXY is likely to test 102 in the coming weeks.
Netherlands International: The Federal Reserve may signal a rate cut at the Jackson Hole Symposium on August 22-24
2024-08-08 12:26:56
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