Expectations of interest rate cuts boost the renminbi's strength, reducing the attractiveness of the US dollar

ChainCatcher reports that, according to Jinshi, influenced by the rising expectations of Federal Reserve rate cuts, the Singapore dollar against the US dollar slightly appreciated during the Asian trading session. Data released on Thursday showed that US December job openings fell to their lowest level since 2020, and initial unemployment claims unexpectedly increased. Analysts say that the softening labor market has reignited bets on rate cuts, with the swap market now pricing in a 30% chance of a rate cut in March, up from 10% on Monday. LSEG data shows the US dollar against the Singapore dollar declined by 0.1%, to 1.2738.

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