North America Bloomberg
Dollar Takes a Hit as Weak US Data Leads to Pared Fed Rate-Hike Bets
The US dollar fell against most major peers as traders pared bets on a potential Federal Reserve interest-rate hike next month following weak economic data. The Bloomberg gauge of the dollar slipped 0.1 per cent in response to the reduced expectations.
The US dollar fell against most major peers after weak economic data reduced bets on a Federal Reserve interest-rate hike next month, with traders paring their expectations for a rate increase in December. The Bloomberg dollar gauge slipped 0.1% and other currencies such as the euro and yen rose against the dollar. The decline was largely due to concerns that the Fed may slow its rate-hike cycle amid weak economic data.
Brief written with AI from reporting by Bloomberg. All rights to the original story belong to the publisher.