India, April 16 -- The U.S. dollar weakened against other major currencies in the early European session on Wednesday, amid declining confidence in the U.S. economy and rising speculations that the Federal Reserve (Fed) will shortly start a new cycle of rate cuts.
Traders speculate that the Fed will shortly start a new rate cut cycle and slash borrowing costs by 100 basis points in 2025.
Amid worries about a U.S. recession and the intensifying US-China trade war, the immediate response to U.S. President Donald Trump's decision last week to halt sweeping reciprocal tariffs for 90 days was brief.
Traders wait for Fed Chair Jerome Powell's speech due later during the U.S. session for cues about the rate-cut path.
In the European trading to...