US Dollar Weakens Amid Rising Asian Markets
The US Dollar (USD) is trading flat, with a weaker outlook due to rising Asian markets and concerns about the US economy. The Chinese government's stimulus measures have boosted Asian equities, attracting investment away from the US.
Economic Data
The US economic calendar is relatively quiet today, with no major market-moving data releases. However, investors will focus on the US Q2 GDP data and Federal Reserve Chairman Jerome Powell's speech later this week.
Fed Rate Expectations
The CME Fedwatch Tool shows a high probability of a 50 basis points (bps) rate cut at the next Fed meeting. However, the US economy's performance and comments from Fed officials will influence the final decision.
Technical Analysis
The US Dollar Index (DXY) is trading near a 15-month low. A break below 100.22 could signal further weakness. Support levels are at 100.22, 99.58, and 97.73.