 Dollar's slide deepened today as markets leaned harder into expectations of multiple Fed rate cuts in 2025. The move comes even before this week’s key economic data—ISM manufacturing, ISM services, and non-farm payrolls—hits the wires. The greenback’s decline is broad-based, with risk currencies like the New Zealand Dollar and safe havens such as Yen and Swiss Franc outperforming at the same time. Goldman Sachs now forecasts three rate cuts this year, reversing its earlier call for a single reduction. The shift stems from what it described as “smaller-than-expected” impacts from US tariffs and stronger-than-expected disinflation. Analysts noted that some gauges of household inflation expectations had previously raised concerns, but early signs suggest those pressures may not warrant delaying cuts. The call aligns with market pricing, which now shows a over 96 chance of a September cut and around 65% odds of three total moves. Alongside monetary policy, fiscal worries are creeping into investor sentiment too. The Senate is expected to vote today on US President Donald Trump’s expansive “Big Beautiful Bill,” a package of tax cuts and spending boosts that would widen the US fiscal deficit by US 3.3 trillion. Treasury Secretary Scott Bessent expressed optimism on the bill’s passage, but questions linger about its long-term economic sustainability, particularly in the context of slower growth and aggressive tariffs...... | 
