Greenback sags amid softening Fed rate-cut expectations
On Thursday, the evergreen buck weakened against the major Japanese currency and the euro during Asia trade as traders kept unloading the US dollar on reduced hopes for a Fed interest rate lift in nearer months.
The New Zealand dollar dared to strengthen after the RBNZ left the official cash rate intact.
The greenback achieved ¥106.52 earlier in the trading session right before rebounding to ¥106.70, compared to Wednesday’s outcome of ¥107.00 in New York.
Meanwhile, on Wednesday, the common currency soared from $1.1394 to $1.13995. Against the major Japanese currency, the euro traded at ¥121.64.
The WSJ Dollar Index, normally evaluating the greenback’s value against other six major currencies, slumped 0.08%, being worth 85.62.
The evergreen buck has found itself under downside pressure when traders were compelled to adjust their hopes regarding the timetable for possible Fed rate lifts following gloomy American jobs data last week.