Dollar Selloff Continues as Risk-On Sentiment Drives US Stocks to New Highs
Dollar faced broad sell-offs overnight and continued to weaken in Asian session. Investors breathed a sigh of relief after US CPI data indicated that disinflation is progressing, which has reignited speculation about near-term rate cuts by Fed. Or at least, another rate hike is now highly unlikely, as repeated by Chair Jerome Powell. Fed fund futures now show nearly 74% chance of a rate cut in September. Additionally, the probability of two total cuts this year has risen to around 70%. This optimism propelled NASDAQ to lead major US stock indexes to new record closes, while 10-year Treasury yi...
Source: actionforex.com