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THE US dollar slipped against most major currencies on Friday (May 24) as traders booked profits after recent gains but the US currency remained well-placed for further advances, supported by strong US economic data that has prompted markets to dial back expectations for interest rate cuts.
The dollar slipped against major currencies on Friday, but remains well-placed for further advances supported by strong U.S. economic data. Markets dial back expectations for interest rate cuts as U.S. business activity accelerates and input prices surge, prompting a debate among policymakers on inflation control.
Against other currencies, the greenback was slight up ahead of the U.S. Memorial Day holiday next week.
The U.S. dollar edged up against the euro on Tuesday, as Federal Reserve policymakers said it is prudent for the U.S. central bank to wait several more months to ensure that inflation really is back... -May 21, 2024 at 03:30 pm EDT - MarketScreener
The U.S. dollar edged up against the euro and remained stable against other currencies as the Federal Reserve advocates for a cautious approach to interest rate cuts. Meanwhile, cryptocurrencies like ether and bitcoin experienced significant gains, sparking investor interest.