Greenback Soars To Hold Steady at 7-Week High
Published on: Oct 08, 2024|1 min read
London: 8 October 2024 (TraderMade): The US Dollar (USD) is hovering near its highest point in seven weeks. This unexpected strength comes as market participants adjust their bets on future interest rate cuts by the Federal Reserve.
Strong Jobs Data Dampens Rate Cut Expectations
Last week's report revealed a stronger-than-anticipated increase in employment. This positive data prompted market participants to reconsider the pace of potential rate cuts by the Fed.
Geopolitical Tensions Add Fuel to the Fire
Rising geopolitical tensions in the Middle East are also bolstering the Dollar's position. When global uncertainties arise, market participants often flock to the US Dollar, seeking its perceived stability.
