Crypto
Dollar Hits 3-Month Low as Fed Rate Hike Expectations Plummet
The US dollar hit a 3-month low last Monday due to declining expectations of another Federal Reserve rate hike. The Fed's July decision was not unanimous, with three voting members wanting a quarter-point increase.
US payrolls fell by 23,000 in July, and retail sales dropped 0.6% to $763.6 billion. This led to odds of a September hike falling to around 30%, down from about 75% in late July.
The dollar's decline was accompanied by gold prices rising 9.3% in a month, while Bitcoin only moved 0.7%. The Fed's minutes from the July meeting are set to be released on Wednesday, which could provide insight into the decision-making process.