ING Bank: Dollar could fall further if Powell hints at rate cut

Odaily News ING Bank analyst Francesco Pesole said in a report that the dollar could fall further if Fed Chairman Powell hints at further rate cuts when he testifies to Congress at 10 p.m. tonight. He said the risk of Powell hinting at a rate cut has increased after Fed Governors Waller and Bowman supported a rate cut as early as July. The market may view any change in Powell's cautious attitude on rate cuts as a sign that Trump's pressure for rate cuts has "broken the shield of the Fed's independence." This could lead to a sharp depreciation of the dollar. (Jinshi)