The US dollar witnessed a decline in the European market today, Thursday, to its lowest level in five weeks against a basket of global currencies, deepening its losses for the fifth day in a row with the continued decline in US yields, due to the rise in pricing the possibilities of a Federal Reserve interest rate cut.

The decline in the dollar index came by 0.15% to the level of (103.15) points from the level of the opening of today’s trading at (103.31) points, and recorded the highest level at (103.35) points after the index ended Wednesday’s trading down by 0.4%, in the fourth daily loss, due to Jerome Powell's comments and the decline in US revenues.

These developments and declines that continued today came following comments made by Federal Reserve Chairman Jerome Powell before the US Congress, confirming the presence of cuts in US interest rates this year, as the second and final part of the testimony is scheduled to be completed. Later today before the Senate Banking Committee.

Jerome Powell's testimony before the Financial Services Committee of the US House of Representatives yesterday, Wednesday, included statements in which he said that interest rate cuts would likely be appropriate later this year, if the economy develops broadly as expected, and once officials gain more confidence in the sustainable slowdown in inflation. Powell explained: We are not yet confident that inflation will return to its specified target, and the upcoming data will determine the date of the US interest rate cut. The number of times the interest rate will be cut will depend on the upcoming economic data.

*All data provided is intended for educational or informational purposes only and should not be considered investment advice.