The US Dollar (USD) edges higher during the Asian session on Thursday and for now, seems to have snapped a four-day losing streak to a fresh YTD low touched the previous day.
DXY moves away from the YTD low set on Wednesday, albeit lacks bullish conviction. A modest uptick in the US Treasury bond yields offers some support to the Greenback. Rising odds for a larger Fed rate cut in September should cap any meaningful upside. The US Dollar edges higher during the Asian session on Thursday and for now, seems to have snapped a four-day losing streak to a fresh YTD low touched the previous day.
Moreover, the markets expect the Fed to announce about 100 bps worth of easing by the end of this year, which, in turn, should cap the US bond yields and hold back the USD bulls from placing aggressive bets. Moving ahead, traders now look to Thursday's US economic docket – featuring the release of the usual Weekly Initial Jobless Claims and Existing Home Sales data – for some impetus later during the early North American session.
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