Despite a fairly strong start, the U.S. dollar retreated on Tuesday amid prospects for another reduction in interest rates.
While fading optimism about U.S.-China trade deal lifted the dollar early on in the session, comments from Federal Reserve Bank of St. Louis President James Bullard that he would favor an interest rate cut as an insurance, given the risk of a greater-than-expected slowdown weighed on the currency and pushed it lower.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.