Speak a conspiracy theory!

If the Federal Reserve lowers interest rates, the dollar will fall, and funds wanting to leave the United States will lose money, thus retaining capital. However, even without lowering rates, funds can still stay in the U.S.

If interest rates are lowered, the dollar drops, and funds flowing out of the U.S. will incur exchange rate losses. Due to the large volume, they will look for other methods. Currently, the RMB exchange rate against the dollar is relatively stable, so they can first convert to RMB and then exchange it for their own currency to preserve value!

Will the U.S. really be so generous as to offer cheap deals? If they don't lower rates, this situation won't occur!

Conspiracy theories can only be observed; don't take them seriously.

If it drops to around 1158-1162, there should be a rebound, unless there is a major announcement on Friday, where Powell directly states that there are no expectations for a rate cut in September! Then it will definitely fall! The technical aspect will become ineffective, and all subsequent expectations will be released at an accelerated pace!