• The US Dollar consolidates on Friday after weakening further on Thursday..
• Traders have repriced the US Dollar amidst the Bank of Japan and Bank of England’s decisions to keep rates on hold. 
• The US Dollar Index falls outside its tight bandwidth, a sign that could dive lower next week. 

The US Dollar (USD) trades broadly steady on Friday after Thursday’s sharp decline, when traders revalued the Greenback after the US Federal Reserve (Fed) joined the European Central Bank (ECB) and several others by starting its interest-rate cutting cycle. Quite a different picture comes from the Bank of England (BoE) and the Bank of Japan (BoJ), which decided to keep interest rates steady, causing the US Dollar to struggle against the British Pound (GBP) and the Japanese Yen (JPY). 

On the economic data front, the US economic calendar is quite empty, which is ideal for traders to let the dust settle after a volatile week. Next week, a lot of US data is set to be released. The main elements include the final US Gross Domestic Product (GDP) data for Q2 and the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge.