Dollar Near Multi-Month Low

The US dollar remains near its lowest level in several months against major currencies, as expectations for interest rate hikes by the Federal Reserve decline following weak US economic data, such as a slowdown in retail sales and job losses. This has decreased the likelihood of a rate increase in September to around 35%, down from over 52% a week ago, negatively impacting support for the dollar. At the same time, the Fed faces challenges like rising oil prices and tensions in the Middle East, which could lead to increased inflation, complicating monetary policy decisions. Additionally, US 30-year bond yields have reached levels close to their highest in two decades, amid growing concerns about inflation and government borrowing, adding pressure on financial markets.

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