Mitsubishi UFJ Financial Group said that if Fed Chairman Powell hints at rate cuts during the two-day semi-annual testimony starting on Tuesday and the US inflation data released on Thursday shows a gradual easing of price pressure, the US dollar may fall. Li Hardman, a financial conglomerates analyst at the bank, said in a report: "We expect Chairman Powell to send a signal that rate cuts could come as early as September if inflation continues to subside in the coming months." He said that if core inflation data for June softens again, the Fed will move towards easing, which could cause the US dollar to fall in the coming week unless US inflation unexpectedly rises significantly.