The US dollar witnessed a market decline on Monday to its lowest level in a week against a basket of global currencies, continuing its losses for the fourth day in a row, awaiting more evidence about the future of interest rates in the United States. As it is expected to release the minutes of the last monetary policy meeting of the Federal Reserve, and important data on the main sectors that make up the US economy, with the aim of setting possibilities and expectations for the future of US interest rates.

The focus in the markets is now turning to the minutes of the Federal Reserve’s January monetary policy meeting, scheduled to be released on Wednesday, to obtain more clues about when interest rate cuts could begin. As Atlanta Federal Reserve Bank President Rafael Bostic had commented that although he needs more data to convince him that inflation pressures are indeed falling, he is open to cutting interest rates at some point over the next few months.
In addition to anticipating the data of the main sectors that make up the US economy, including the preliminary reading of the Purchasing Managers’ Index for February, which will be released on Thursday in the United States, which provides strong evidence about the performance of the largest economy in the world during the first quarter of this year.

The dollar index rose by about 0.15% to the level of (104.14) points, from the opening level of today’s trading at (104.27) points, and recorded the highest level at (104.28) points in addition to Friday’s trading, which it ended with less than 0.1%, in the third daily loss in a row, With the continuation of correction processes and profit taking from the highest level in three months at 104.98 points
It is worth noting that the US dollar index recorded an increase of 0.2% last week, the fifth weekly gain in a row thanks to currency purchases as the best available investment in light of the receding possibilities of the Federal Reserve reducing interest rates in next March and May.

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