19 November 2025, 20:42 USA: Dollar Extends Upswing.
The dollar index inched higher to 99.8 on Wednesday, approaching the five-month high of 100.2 touched earlier in November amid tempered expectations that the Federal Reserve will deliver another rate cut next month. Official unemployment claim aggregates from late October indicated some degree of stability in joblessness, limiting worries of an uncontrolled weakening in the labor market suggested by private surveys. Rate futures moved to indicate that half of the market expects the FOMC to hold rates unchanged in their final decision of the year, contrasting with the near consensus of a 25bps cut that was expected last week. Upcoming FOMC minutes from a meeting which included opposing dissents may offer hints on an increasingly fragmented Fed. The DXY also benefited from a weakening yen, as PM Takaichi signaled aggressive stimulus that pressured JGB's that is likely to continue bloating the BoJ's balance sheet.
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