On June 18, Derek Halpenny said in a note that Federal Reserve Chairman Jerome Powell may hint at future interest rate cuts in Wednesday's meeting, but any decline in the dollar is likely to be limited against the backdrop of the Israeli-Iranian conflict. He stated that the overall tone of Powell's speech could be interpreted as "pessimistic, hinting at a rate cut, given the weaker-than-expected labor market and inflation data. This could lead to a slight increase in expectations for rate cuts after September. However, until the outlook of the Israeli-Iranian conflict becomes clearer, the desire to sell the dollar may wane for now.