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ING: Even if the Fed cuts interest rates by 100 basis points by the end of the year, the dollar is unlikely to fall sharply

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AI Summary

The expectation of the Fed's interest rate cut has been fully reflected in the market. The possibility of a sharp decline in the US dollar is small, and the US dollar trend may remain range-bound in the short term.

According to Jinshi Data, ING said that even if the US PCE data confirms the Federal Reserve's expectation of a 100 basis point interest rate cut by the end of the year, the US dollar is unlikely to fall sharply.
The dollar doesn’t appear set to fall sharply in the short term, ING analyst Francesco Pesole said in a note.
He said the market's confidence in the Federal Reserve's accommodative policy has led the Fed to appear more confident about cutting interest rates soon, and the biggest part of the dollar's decline may have already occurred.
He said the approaching U.S. Labor Day holiday next Monday could favor range-bound trading on Friday.

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ING: Even if the Fed cuts interest rates by 100 basis points by the end of the year, the dollar is unlikely to fall sharply

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