US DOLLAR INDEX ATTEMPTS MINOR RECOVERY FROM 7-MONTH LOW

Published on Aug 06, 2024 12:51

US dollar is attempting a minor recovery following a sharp downturn during the last couple of sessions amid persistently weakening US economic data giving a dull outlook for the US economy. The US macro data released last week showed that business activity in the manufacturing sector contracted more sharply than expected in July and jobs growth slowed more than anticipated last month. A Federal rate cut of greater magnitude is expected to offset the delayed rate cut that possibly accentuated economic downturn in the American economy. Currently, the dollar index is quoting at 102.75, up 0.28% on the day. This comes on the back of a near 2% decline in the past two days to a near 7-month low.