The US Dollar Index (DXY) continued its rise for the third consecutive session and hovered around 98.60 in European trading on Friday (December 19). Market participants are now awaiting the release of the University of Michigan Consumer Sentiment Index for December, which could provide additional clues about the direction of the economy and the dollar's movement.
Despite its strength, the dollar's upside is considered limited as markets increasingly consider the possibility of a Fed interest rate cut after US inflation fell below forecasts. Data showed that US CPI in November slowed to 2.7% (below the 3.1% forecast) and core CPI recorded 2.6% (below the 3.0% forecast), the slowest pace since 2021. Similarly, CME FedWatch shows the probability of a rate cut at the January meeting is around 73.3%, while the probability of a 25-bps cut has risen to 26.6%.
On the political front, US President Donald Trump stated that the next Fed chairman will support a "significant" interest rate cut and that he will soon announce a replacement for current Fed Chairman Jerome Powell. This statement raises market concerns, as the Fed's future leadership could influence policy expectations and dollar movements. (az)
Source: Newsmaker.id
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