Dollar Stabilizes Amid Downgraded Rate Hike Odds and Oversold Momentum
The US dollar's losses are extending beyond its usual volatility, but it appears to be stabilizing ahead of the North American session.
A series of softer-than-expected economic data releases since July has led market analysts to downgrade the chances of a rate hike next month from over 70% to about 30%.
The US dollar's momentum indicators are technically oversold, which could be setting up for a potential price action reversal.