PCE data is expected to be released soon, which may affect the Fed's expectations on the pace of rate cuts

Odaily Odaily News: The U.S. dollar held steady near a one-week high against major currencies on Friday as traders eased expectations for a sharp interest rate cut by the Federal Reserve. The dollar is expected to end a five-week decline as U.S. job market and GDP data show that the U.S. economy will achieve a soft landing. All eyes are now on the U.S. PCE inflation data to be released later today, which may affect expectations of the speed of the Fed's rate cuts. Federal Reserve Chairman Powell previously said that it is time to revise policy. The direction of progress is clear, and the timing and pace of rate cuts will depend on upcoming data, changing prospects and the balance of risks. (Jinshi)