Daily market commentary: With next week’s Federal Reserve meeting approaching, the greenback is coming under pressure

Forex

The US dollar hedged down during early Friday trading. With next week’s Federal Reserve meeting approaching, the greenback is coming under pressure, as investors increasingly believe in a pivot from a central bank that is expected to engineer a soft landing for the US economy. Signs of a deterioration in economic activity have been accumulating, with the latest employment data reinforcing the view that the central bank will be forced to take its foot off the accelerator in order to avoid a deeper recession.

Daily Market Commentary

Against this background, there may be scope for further dollar softness.

Ricardo Evangelista – Senior Analyst, ActivTrades


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

Tags:

Read Also: