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US Dollar weakens as markets asses Retail Sales figures from May

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On Tuesday, the US Dollar, as measured by the DXY Index (DXY), registered a decline, settling at 105.30.

US Dollar lost ground on lower-than-anticipated Retail Sales figures, which fuel dovish bets on the Fed. Markets are digesting comments from Fed officials for placing their bets on the rate cut cycle. Investors continue challenging the Fed and bet on more than one cut in 2024. On Tuesday, the US Dollar, as measured by the DXY Index , registered a decline, settling at 105.30.

It is the task of the central bank to keep the demand in line by tweaking its policy rate. For the biggest central banks like the US Federal Reserve , the European Central Bank or the Bank of England , the mandate is to keep inflation close to 2%.

 

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