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On Wednesday, the US dollar reached a level not seen in almost a month as the DXY Index surged by 0.30%. The US dollar is supported by cautious market sentiment ahead of the Federal Reserve’s policy decision, even in the face of weak US economic data and declining US bond yields.
As markets wait for information to continue modelling their expectations for the upcoming Fed decisions, attention is centred on the state of the US economy.
The likelihood of a 25-basis point rate hike in December is still low, which limits the USD’s ability to make substantial gains.
In advance of Friday’s release of the October Nonfarm Payrolls, the US labour market is showing signs of weakness. According to Automatic Data Processing Inc. (ADP), employment change did not meet expectations in October.
