The US dollar is expected to record its largest weekly decline since April this week, as expectations for interest rate cuts rise

According to Jinshi reports, the US dollar weakened significantly this week, expected to create the largest weekly decline since April, due to a noticeable cooling in US employment data for June, leading the market to lower its short-term interest rate hike expectations for the Federal Reserve. The dollar index fell about 0.5% this week. Against this backdrop, the euro rose to 1.144 USD, with a weekly increase of about 0.5%; the British pound rose to 1.3352 USD, with a weekly increase of about 1.1%. The yen rebounded from a 40-year low, with the dollar against the yen briefly retreating to around 161.

Analysts pointed out that the dollar's movement has been significantly influenced by employment data and interest rate expectations, and if subsequent economic data continues to weaken, the dollar may still face further pressure.