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Forex

Dollar Stabilizes Amid Downgraded Rate Hike Odds and Oversold Momentum

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USD
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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.

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