THE US dollar weakened by 0.49% to 97.352 after a report that Chinese officials were unsure if a longer-term trade deal with the US can be reached, one day after Fed chairman Jerome Powell hinted a pause in its rate cut cycle. The switch in trade narrative and better economic release elsewhere triggered the selling in dollar.
Nevertheless, this Federal Open Market Committee (FOMC) meeting ended broadly in line with expectations with the Fed slashing its benchmark interest rates for the third time this year by 25 basis points (bps) to 1.50%–1.75%.
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