First rate cut in over a decade anticipated for the Greenback

Daily Currency Update

USD - United States DollarJust as the Fed seems poised to announce the first interest rate cut since the financial crisis, President Trump took his argument with the Fed one step further, saying it, "…has made all the wrong moves.“ Despite that, Trump may have gotten everything he's wanted from the Fed so far; he wants to see a large cut from the Fed. He tweeted yesterday, "…a small rate cut is not enough, but we will win anyway!" According to Bloomberg, U.S. delegates including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are in China for meetings with their Chinese counterparts, with both sides expected to dine together today before the talks tomorrow. Hopes remain low for a breakthrough as neither party seems eager to make a deal. On the release side, U.S. consumer spending and prices rose moderately in June. The data pointed to slower economic growth and benign inflation that could see the Fed cutting interest rates tomorrow. Personal income increased $83.6 billion (0.4 percent) in June according to estimates released today by the Bureau of Economic Analysis, which aligned with expectations. Disposable personal income (DPI) increased $69.7 billion (0.4 percent) and personal consumption expenditures (PCE) increased $41.0 billion (0.3 percent), which also aligned with expectations.