Federal Reserve Chair Jerome Powell has tempered expectations that the central bank may cut interest rates at its September meeting, leading to a modest decline in stock prices. However, after the close of trading, both Microsoft and Meta reported strong earnings for Q2, with their shares rising substantially, which could set the stage for a positive trading day ahead. Meanwhile, Tim Gagie, Head of FX/PM Private Banking Sales in Geneva, offers his insights on the current strength of the US dollar and identifies potential opportunities as we head into August.