Mitsubishi UFJ said the dollar could fall further after its recent decline as the Federal Reserve is likely to start cutting interest rates in September and could signal a further rate cut than previously expected. "The next set of forecasts in September will show higher unemployment and lower inflation, which will form the basis for the start of the rate-cutting cycle," analysts said. The median rate forecast for 2024 could rise from one rate cut to a possible three or four, they said. However, broader geopolitical risks and sluggish economic growth in Germany should limit the dollar's depreciation. MUFG expects the euro to rise to 1.12 against the dollar by the end of the year from the current 1.1035. (Jin Ten)