According to BlockBeats, on August 1, DBS Bank foreign exchange analyst Philip Wee noted that the US Dollar Index remained nearly unchanged at 104.07 ahead of today's FOMC meeting. During the overnight trading session, the dollar briefly touched 104.80, close to the level it fell to on July 11 due to softening US CPI inflation.
The Federal Reserve is expected to keep the door open for a rate cut without supporting aggressive market bets on a September rate cut (110% probability) until it sees the US unemployment rate data on August 2 and the CPI data on August 14.
If the Fed's confidence in inflation returning to the 2% target increases or concerns about rising unemployment grow, it may provide forward guidance on the timing of a rate cut at the Jackson Hole symposium from August 24 to 26.
