The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades on a stronger note around 98.30 during the Asian trading hours on Wednesday. Diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed) after a jump in US July wholesale prices provide some support to the DXY.
Traders ramped up expectations on a rate reduction at the Fed's September meeting after a weak July employment report, and as last month's Consumer Price Index (CPI) inflation data showed limited upward pressure from tariffs. Nonetheless, a hotter-than-expected July Producer Price Index (PPI) reading has reduced some rate-cut bets, lifting the US Dollar against its rivals.
Fed fund futures traders are now pricing in an 86% chance of a September Fed rate cut, after last week briefly fully pricing in a move, according to the CME FedWatch tool. Traders are pricing in 54 basis points (bps) of reductions by year-end.
Source: FXstreet
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