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US dollar remains on a downtrend

21st Nov 23 11:50 am

The US dollar remained on a downtrend as monetary policy expectations continued to point to a softer stance from the Federal Reserve.

The latter is expected to keep interest rates unchanged this year and could start cutting rates in the first half of next year.

Traders could turn to the release of the FOMC minutes later today as they could offer insight into November’s meeting discussions and the committee’s view on monetary policy.

At the same time, new economic data releases could continue to be at the center of attention as they could impact monetary policy expectations.

As a result, the US currency could continue to see negative performances, extending this month’s losses if treasury yields continue to decline.

Retreating yields could favor a resurgence in other major currencies like the Japanese yen and the Chinese yuan which have been under pressure for the greater part of this year.

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