Dollar on back foot over expectations a Fed rate cut is coming

The dollar was on the back foot on Thursday, trading near a one-week low versus ...

TOKYO - The dollar was on the back foot on Thursday, trading near a one-week low versus the yen as falling Treasury yields fueled expectations the U.S. Federal Reserve will cut interest rates this month for the first time in a decade.

Waning expectations for a quick resolution to the United States-China trade war also hurt sentiment about the dollar. “When U.S. yields are this low, you can’t expect people to pile in and buy the dollar,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo.

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