It is becoming clearer that the US dollar is on track as investors see the falling pattern of the king of the currency continue again on Tuesday's trade.
In addition, the economic data of the United States (US) was published with declining figures, that is, the reading for the consumer confidence survey recorded a drop of points below the 100 level.
Following the US PMI data on Monday which was also 'red', pressure is increasingly felt for the US dollar as expected by analysts after the Federal Reserve (Fed) implemented its first interest rate cut in more than 4 years.
Although the Fed did not clearly state further policy easing measures, the market sees several more interest rate cuts at the remaining meeting at the end of 2024.
The dollar index (DXY) showed a drop below the 100.00 point level, expecting the fall in the value of the US dollar to continue.
But the next situation will be influenced by the next focus data on Thursday which is the final reading for the US economic growth in the second quarter.
The second (preliminary) reading that was published last month showed a slight increase to the 3.0% level, while the final (final) reading is expected to remain unchanged at that level.
Investors will also be looking forward to Thursday's speech by Fed Chairman Jerome Powell at a conference in New York for the latest guidance on monetary policy.
And at the end of the week, the PCE price index data will be the focus of the market where the Fed will also be watching to assess the inflation component.
