Taken together, the reports suggested a sharp slowdown in US economic growth is under way, which could affect the US dollar’s safe-haven status. It was also 0.8 percent off a two-year high of 98.371 hit in the previous session. Escalating trade tensions and weak data have fueled rate cut expectations by the US Federal Reserve. Money markets now broadly expect one rate cut by October, followed by another by January next year. The euro was also stronger, rising 0.24 percent to US$1.121, benefiting from the US dollar’s weakness.

Source: Taipei Times May 25, 2019 15:56 UTC