Market News
Dollar heads for weekly loss on dovish Fed expectations - REUTERS
Summary
- Dollar gains, but on track for weekly loss
- Trump's Fed appointments seen dovish
- Traders pricing in two US rate cuts this year
NEW YORK, Aug 8 (Reuters) - The dollar firmed on Friday but was heading for a weekly fall as weakening economic data leads traders to price in the probability of more interest rate cuts this year, and as investors evaluate U.S. President Donald Trump’s nominations to the Federal Reserve.
The dollar has dropped since last week’s jobs report for July showed employers added fewer jobs than expected during the month, while job gains from previous months were also revised down sharply.
Other data including a weakening housing market and services sector data are also pointing to a slowing economy.
Trump on Thursday, meanwhile, said he will nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a newly vacant Fed seat, while the White House seeks a permanent addition to the central bank's governing board and continues its search for a new Fed chair.
Bloomberg News reported on Thursday that Fed Governor Christopher Waller, who voted for a rate cut in
