US Dollar Gains as Rate Cuts Doubts Surface - Market Update and Analysis

The US dollar strengthens against a basket of major currencies on Thursday due to a combination of better-than-expected US economic data and a dovish stance from the European Central Bank. These factors have prompted investors to reconsider their assumptions about the Federal Reserve's interest rate hikes. The US economy showed faster growth in the second quarter, supported by robust consumer spending and increased business investments in equipment, which may help stave off a recession.

 

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