A lacklustre snapshot of US consumer spending released earlier on Wednesday is the latest piece of evidence to cast serious doubt over whether the Federal Reserve will lift its key interest rate later this year.
The prospect that the US central bank would begin a tightening cycle ignited a 25 per cent rally in the dollar index - a broad gauge of the currency's strength - between June, 2014 and March of this year.
It's performance has been mixed since as a combination of still weak domestic inflationary pressures and a darkening economic picture outside the US make it less likely US policymakers will lift rates this year.
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