Dollar index stays pressured near one-week low
Earlier this week, the Fed had left the borrowing rates unchanged at 4.25% to 4.50%. The Fed Chair too, in his speech, did not give any signals of a rate cut in September. However, currently, the market is betting that the Fed may finally have to act to cut interest rates in order to support a weak jobs market.
The yield on US 10-year Treasury rose to around 4.25% on Monday, while the dollar index that measures the greenback against a basket of currencies is quoting at 98.55. Meanwhile, caution prevails as Trump reportedly fired Bureau of Labor Statistics (BLS) Commissioner Erike McEntarfer, after Nonfarm Payrolls (NFP) report for July, which showed a slowdown in the hiring trend.
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