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Economy

The anticipation of interest rate cuts drives the dollar down against major currencies

August 30, 20252230 ViewsRead Time: 2 minutes
The anticipation of interest rate cuts drives the dollar down against major currencies
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The US dollar fell on Friday, August 29, recording new losses against the euro and the Swiss franc, continuing its decline for three consecutive days. With this drop, the American currency ended August down by 2% against a basket of major currencies, "amid investors' anticipation of the US Federal Reserve's interest rate cut next month."


The dollar failed to maintain the initial gains it achieved "after the release of US inflation data as expected," and returned to "give up its gains," recording a slight decline at the end of the session. This performance was reflected in strength indicators, as the dollar index, which measures the performance of the US currency against a basket of major currencies, fell by 0.09% to 97.803 in evening trading.


The pressure on the dollar was not limited to one currency, but extended to include major European currencies, as the euro rose to 1.1696 dollars, recording monthly gains exceeding 2%, while the British pound maintained its stability at 1.3502 dollars, also achieving similar monthly gains. In Asia, the dollar fell against the Japanese yen by 2.5% over the month despite a slight improvement in the last session.


The markets also witnessed notable movements for other currencies, as the New Zealand dollar rose slightly "after Neil Quigley, the head of the Reserve Bank of New Zealand, resigned," in a move reminiscent of the consequences of the previous resignation. Meanwhile, the Chinese yuan reached its highest level in ten months supported by central bank policies, while the Indian rupee fell to a record low affected by trade tensions with Washington.

diana-barakat
Diana BarkatIndependent journalist, news editor, content writer, and translator

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