The dollar index held its recent decline around 106.1 on Thursday, with trading volumes remaining low due to the Thanksgiving holiday in the US.
The index fell 0.8% on Wednesday after US PCE inflation data matched expectations, suggesting little change in the Federal Reserve's interest rate outlook.
Markets are currently pricing in a 66.5% chance that the Fed will cut rates by 25 basis points in December, up from 55.7% a week earlier.
The dollar also faced pressure earlier this week following the nomination of Scott Bessent as US Treasury Secretary, which provided a sense of stability to markets and reduced expectations for aggressive tariff policies under incoming President Trump.
Further weighing on the dollar were gains in the euro and the yen, fueled by hawkish comments from an ECB official and speculation that the BOJ may hike rates in December.
Source: Trading Economics
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