US DOLLAR DECLINES AFTER WEAK ECONOMIC DATA AND NEUTRAL FED OUTLOOK
- US job openings for July arrived at 7.67 million, weaker than expected.
- Fed Beige Book notes modest price increases and slight economic growth.
- Markets remain overconfident on a super-dovish Fed.
The US Dollar Index (DXY), a measure of the USD against a basket of six currencies, snapped its recovery streak on Wednesday after a disappointing report on US job openings and a mixed outlook from the Federal Reserve's (Fed) Beige Book.
Overall, the US economy remains in a state of expansion, surpassing its expected growth rate, but the soft tone of the labor market gives the market reason to bet on a dovish Fed.
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