The lack of economic data that was the focus at the beginning of the week expected a slow price movement in the market on Monday yesterday.
However, the US dollar showed a clear movement pattern by experiencing a depreciation in value after several indicators were observed by investors.
Selling pressure was seen to hit the US dollar again at the opening of the week yesterday after the strengthening momentum was affected at the end of last week.
The strengthening reaction of the US dollar after the US inflation data was published did not seem to be successful in continuing as the market focus shifted to the issue of the removal of Federal Reserve (Fed) Chairman Jerome Powell and also the development of global tariffs.
Most recently, President Donald Trump urged Powell to lower interest rates by 300 basis points, from the current 4.50% to 1.50% in an effort to support the US economy.
Meanwhile, negotiations between the US and the European Union (EU) have not yet shown good progress with President Trump threatening to impose a 30% tariff on all goods imported from the EU.
US officials have previously signaled that trade negotiations are possible, including with the EU and Japan.
The tariff moratorium has been extended to August 1 by Trump, but time is running out for countries seeking to reach a negotiated agreement with the US.
In the New York session tonight, attention will be paid to Fed Chairman Powell's speech, which could provide new clues for the central bank's monetary policy.
The market is still expecting the Fed to cut interest rates as early as September, even though the latest inflation reading published last week showed an increase.
The speech by the Bank of England (BOE) governor in the European session will also be in focus for European investors, with monetary policy signals likely to impact the Pound's movements.
