Analyst: The decline of the dollar is due to the rising possibility of the Federal Reserve cutting interest rates in November

ChainCatcher news, XTB analyst Brooks said that the decline of the dollar is due to the Federal Reserve seeming more likely to cut interest rates in November, while the possibility of keeping rates unchanged is smaller. LSEG Refinitiv data shows that the U.S. money market indicates only a 5% chance of the Fed not cutting rates in November, down from the previous 12%. Meanwhile, polls show that the competition for the U.S. presidential election in November is very fierce. She stated that an unclear election outcome would dampen popularity, hinder economic growth, and could lead to more rate cuts.