The US dollar fell on Friday, August 29, recording new losses against the euro and the Swiss franc, continuing its decline for three consecutive days. With this drop, the American currency ended August down by 2% against a basket of major currencies, “amid investors’ anticipation of the US Federal Reserve’s interest rate cut next month.”
The dollar failed to maintain the initial gains it achieved “after the release of US inflation data as expected,” and returned to “give up its gains,” recording a slight decline at the end of the session. This performance was reflected in strength indicators, as the dollar index, which measures the performance of the US currency against a basket of major currencies, fell by 0.09% to 97.803 in evening trading.
The pressure on the dollar was not limited to one currency, but extended to include major European currencies, as the euro rose to 1.1696…
