June 27, 2024
U.S. dollar retreats after weak economic data, yen gets minor relief
"This morning's data deluge helped puncture the 'U.S. exceptionalism' trade, knocking the greenback lower," said Karl Schamotta, chief market strategist, at Corpay in Toronto, referring to the U.S. outperformance with respect to the rest of the world. "Odds on a cut at the Federal Reserve's September meeting are firming and yields are cautiously coming down across the curve as market participants position ahead of tomorrow's personal consumption expenditures release."