Dollar Falls on Bolstered Expectations of Supersized US Rate Cut

The dollar continued to decline today as renewed concerns over the US economy's growth outlook bolstered expectations of a supersized rate cut from the Federal Reserve this month (September 2024). The dollar index, which measures the performance of the US currency against a basket of currencies, rose 0.02% to 101.28 points. The yen was last 0.26% higher at 143.36 per dollar, and the New Zealand dollar rose 0.05% to $0.6202. The onshore yuan gained roughly 0.2% to 7.1003 per dollar, hovering near its strongest level in over a year. The euro dipped 0.05% to $1.1077, while the Australian dollar fell 0.02% to $0.6724. Source: Oman News Agency