US Dollar Plummets Amid Fed Chair Uncertainty

The US dollar has experienced a sharp decline following a five-week low, according to Odaily. This weakening trend is linked to recent US economic data revealing mixed signals and the anticipation surrounding the next Federal Reserve chair appointment. The ADP private sector employment report fell short of expectations, while the ISM services data hinted at easing price pressures. Adding fuel to this speculation, President Donald Trump suggested he might nominate Hassett as the next Fed Chair. LSEG data paints a clear picture with an 85% probability of a rate cut by the Federal Reserve in December.