Dollar Falls on Weak US Economic Reports, Fed Keeps Rates Unchanged
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The US dollar index has extended its gains for the second consecutive week, currently trading around 104.385. The Federal Reserve has decided to keep interest rates unchanged, aligning with market expectations of three rate cuts this year. However, the Swiss National Bank surprised the markets with a 25 basis points rate cut. Meanwhile, the Bank of England has held rates steady but hinted at the possibility of future rate cuts. In the US, unemployment benefits have declined by 2,000 to 21,000, indicating a healthy labor market. Manufacturing activity in Philadelphia has slipped to 3.2, while flash manufacturing data came in above expectations. However, services PMI declined to 51.7. The probability of a 25 basis points rate cut in June has increased to 67.2%. US 10-year yields have decline...
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