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US dollar wallows at multi-month lows as Fed cut bets firm
The dollar languished at its lowest since March against the euro and sterling on Tuesday as signs of a softening US economy boosted the case for earlier Federal Reserve interest rate cuts. The US currency also slumped to its weakest in 2 1/2 months versus the Swiss franc after data showed a second straight month of slowdown in manufacturing activity and an unexpected decline in construction spending. Following the data, fed funds futures increased the chances of a rate cut in September to around 59.1%, according to LSEG’s rate probability app. That compares with odds of around 55% on Friday, when data showed a ... (full story)
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