The US dollar fell on Friday in European trade against a basket of major rivals, resuming losses and hitting a three-week low, on track for the heftiest weekly loss in six weeks under extreme selling pressures due to concerns about the US financial stability.

Now investors await important and crucial remarks by several Fed officials, looking for new clues on the odds of multiple rate cuts this year.

The Index

The dollar index fell 0.75% today to 99.14, the lowest since April 29, with a session-high at 99.94.

On Thursday, the index rose 0.2%, the first profit in four sessions after Trumps tax bill passed the House of Representatives successfully.

Weekly Trades

The index is down 1.85% so far this week against a basket of major rivals, heading for the first weekly loss in five weeks, and the heftiest since early April.

The greenback is pressured by increasing concerns about the US financial stability, nudging investors towards safer havens.

It comes after Moodys decision to cut the US credit rating last week, the investor focus turned to the massive US debt reaching $36 trillion, and to Trumps new tax reform bill, which would add trillions to this burden.

Trump described the legislation as a big beautiful bill, and has already passed the House of Representatives and headed to the Senate where its expected to face months of discussions and changes.

US Rates

US President Donald Trump once again called on the Federal Reserve to cut interest rates in posts on his social media accounts.

Atlanta Fed President Raphael Bostic said earlier this week that hes leaning towards a single interest rate cut this year.

According to the Fedwatch tool, the odds of a Fed 0.25% interest rate cut in June stood at just 8%.

The odds of a 0.25%% Fed rate cut in July stood at 37%.

Traders now expect 50 basis points overall of Fed rate cuts this year, likely starting in October.

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