The dollar looks oversold and faces a period of consolidation in the near future, analysts at UBS Global Wealth Management said in a note. Federal Reserve Chairperson Jerome Powell is unlikely to be forced to resign, and the Fed sounds cautious about cutting interest rates at a time when other central banks are easing. However, analysts said that in the medium term, the trend of dollar weakness is likely to resume. The U.S. economy is likely to slow more than other regions, rising fiscal deficits will become a bigger focus, and the Federal Reserve may resume interest rate cuts later this year. UBS tends to take advantage of the recent strengthening of the dollar to reduce its allocation to the dollar, opting instead for currencies such as the yen, euro, pound and Australian dollar. (Golden Ten)
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