# Dollar down on profit taking but upbeat outlook remains | Reuters

> The dollar slipped against most major currencies on May 24 as traders took profits after recent gains. Strong US economic data had prompted markets to scale back expectations for interest rate cuts.

- Date: 2024-05-24 · published 2024-05-24T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/30424-dollar-down-on-profit-taking-but-upbeat-outlook-remains-reuters
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Profit-taking in the dollar provides only modest relief for dollar-priced commodities, and firm US data keeps the dollar supported.

## Read by commodity

- DXY: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/dollar-set-weekly-gain-rate-cut-bets-ebb-2024-05-24/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.