The dollar stayed on the defensive on Monday, pinned down by expectations of a F...
SYDNEY - The dollar stayed on the defensive on Monday, pinned down by expectations of a Federal Reserve rate cut this month, as traders in Asia waited for the latest update on the health of the world’s second largest economy.
Weaker-than-expected numbers for retail sales, industrial output or second-quarter gross domestic product, seen growing at 6.2% from a year earlier, could cause investors to move away from Asian currencies and the Australian dollar. “An impending interest rate cut and speculation that the U.S. Treasury may intervene in currency markets are the twin drivers of the dollar weakness,” said Michael McCarthy, chief strategist at CMC Markets in Sydney.
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