On Wednesday, May 21, the US dollar fell against major currencies as President Donald Trump failed to convince Republicans to support his tax bill.
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According to Reuters, May 21 saw another day of dollar sell-offs, though not particularly intense. US Treasury bond yields remain elevated, causing concern among investors. Markets are watching for changes in US trade deals and assessing the country's economic health.
Citigroup Inc. strategists, led by Osamu Takashima, predict a possible weakening of the US dollar following the upcoming G7 summit. During the meeting, world leaders plan to discuss currency policy as part of trade negotiations with the United States.
Federal Reserve (Fed) officials on Tuesday cited potential risks associated with price increases stemming from US import tariffs. The central bank indicated it will take a wait-and-see approach before adjusting interest rates.
As analysts of Scotiabank warned, persistent price pressures in Canada will not allow the country's regulator to keep reducing borrowing costs in the near future. At the same time, experts noted that the accelerated price growth was observed before the manifestation of the US tariffs effect.
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