Currency plummets below 79 yuan mark
The US Dollar has taken a significant hit against the Swiss Franc, falling below the 79-cent mark for the first time since early July. In late afternoon trading, the US Dollar was at 0.7881 Francs, marking a decrease of more than half a cent from the previous evening's rate of 0.7941 Francs.
This downward trend comes as the US central bank is expected to cut interest rates by 25 basis points at its Wednesday meeting, with Stephen Miran, the recently confirmed Federal Reserve governor and Trump advisor, expected to support further easing.
Meanwhile, the Euro has been on a steady rise, gaining to 1.1836 dollars. This marks a breach of the 1.18-dollar mark, reaching a multi-year high for the currency. Against the Swiss Franc, the Euro was slightly lower at 0.9329.
The market will be closely watching the upcoming Fed meeting for signs of how many more interest rate cuts may follow in the coming months. Some market participants are even hoping for a larger 50 basis point cut in interest rates.
The accompanying comments on the rate decision are likely to be scrutinized for signs of a easing cycle. Stephen Miran, as a new council member, has not yet publicly stated a detailed position on potential interest rate changes, but his confirmation ahead of the crucial meeting suggests a likely alignment with easing monetary policy.
The US Dollar's decline against the Swiss Franc and the Euro's gain are reflective of the global economic uncertainty and the expectations of looser monetary policy in the US. As these trends continue, we can expect to see more fluctuations in the foreign exchange market in the coming days and weeks.
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