The US dollar is weakening strongly. The FOMC’s change of tone will weaken the dollar, they report MUFG Bank economists.
The results of the US banking sector are substantially lower than those of Europe
“The overall tone of both the statement following the expected 25 basis point rate hike and Fed Chairman Powell’s press conference was clearly more dovish.”
“The S&P Bank Index fell 5.6% yesterday. The US sector is clearly underperforming Europe, which we think will reinforce EUR/USD support.”
“The US dollar low from early February is in the offing and with banking sector confidence fragile once again we see high risks that that dollar bottom will be tested. For now, it’s all about watching US dollar values.” American banking industry.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
