ING: Even if the US PCE confirms the Fed's expectation of a 100 basis point rate cut by the end of the year, the dollar is unlikely to fall sharply

ING said the dollar is unlikely to fall sharply even if U.S. PCE data confirms expectations that the Federal Reserve will cut interest rates by 100 basis points by the end of the year. "In the short term, the dollar does not seem to be in a position to fall sharply," ING analyst Francesco Pesole said in a report. He said the market's confidence in the Fed's loose policy has led the Fed to appear more confident in cutting interest rates soon, and the biggest part of the dollar's decline may have already occurred. He said the U.S. Labor Day holiday approaching next Monday may be conducive to range trading on Friday. (Jinshi)