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Dollar Outlook Changed- Since last year, we have shifted our outlook on the Dollar to bearish due to the expected multiple rate cuts by the Federal Reserve in 2024. As a result, the index has declined and reached multiple targets but has failed to reach our final targets at 100 and 98.0.
It’s important to note that recent market fluctuations and missed targets can be attributed to a significant change in the Federal Reserve’s projected interest rate cuts for the year. At the start of the year, the Fed Fund Futures predicted up to six rate cuts, but as of April, that number has decreased to only two expected by the end of the year. This shift is due to the economy performing better than anticipated, with stronger-than-expected economic releases like inflation contributing to this change.
