💵 Decline of the US Dollar

The US dollar reversed its gains in July, reflecting weak US jobs data, plunging by 1.3% in a single day after recording its strongest monthly performance in three years, which bolsters expectations for an interest rate cut soon.

Recent survey results from Reuters indicate a decline in confidence in the dollar due to concerns about the independence of the Federal Reserve and the reliability of government data. Analysts expect the euro to reach ~1.17$ by October and possibly 1.20$ within the year.