德商银行：美元前景取决于降息押注背后的驱动因素

Core Viewpoint - The outlook for the US dollar is contingent on the underlying factors driving interest rate cut expectations from the Federal Reserve [1] Group 1 - Analysts from Deutsche Bank suggest that if the bets on rate cuts are driven by limited inflation impacts from US tariffs, the dollar may rebound in the short term [1] - Conversely, if these expectations stem from the assumption that the Federal Reserve will yield to political pressure to cut rates, the dollar could face further declines [1] - The market widely anticipates that the Federal Reserve will keep interest rates unchanged in July [1] Group 2 - Any dissenting votes from policymakers against maintaining the current rate, in favor of cuts, could heighten concerns about the Federal Reserve becoming more politicized [1]