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The U.S. dollar showed little change against most major currencies, with the notable exception of significant losses against the Australian dollar.
The dollar remained largely steady against most major currencies but experienced sharp losses against the Australian dollar. Investors weighed signs of a weakening U.S. economy against political uncertainties in Europe.
The U.S. Dollar Index experienced a 0.5% increase, largely due to a significant 0.66% drop in the EUR/USD pair. This downward movement in the Euro was prompted by persistent political uncertainties in Europe.
The dollar experienced a significant drop following unexpectedly weak U.S. CPI data but found some support due to the Federal Reserve's decision to trim its 2024 policy easing projections to just one cut.
The EUR/USD pair dropped to its lowest point in six weeks due to increased euro selling, driven by perceived greater political risk in Europe and doubts about the Federal Reserve's willingness to cut rates before late in the year.
The Federal Reserve is expected to maintain its current interest rates at 5.25%-5.50% in their upcoming meeting on Wednesday, June 12.
The dollar index slipped ahead of Friday's U.S. employment report, influenced by recent European Central Bank (ECB) rate cuts and the anticipation of further data-dependent easing.
The dollar index rose by 0.2% on Wednesday, driven by a sharp rebound in USD/JPY.
This latest data suggested a contraction in manufacturing activities, exacerbating concerns over economic growth. The new orders index notably fell from 49.1 to 45.4, marking the largest decline in nearly two years.