The US Dollar Index (DXY), which tracks the US currency against a basket of currencies, is struggling to capitalize on an overnight rebound from its lowest level since late October and is trading with a moderate negative bias during the Asian session on Friday. The index is currently positioned around the 99.00 level, down less than 0.10% on the day, as traders now await crucial US inflation data before placing new directional bets.
The US Personal Consumption Expenditures (PCE) price index for September will be published later today and will be scanned for further signals on the path of future interest rate cuts by the Federal Reserve (Fed). This, in turn, will play a major role in determining the next phase of the US dollar’s directional movement. Meanwhile, upbeat US labor market reports on Thursday were overshadowed by the US Federal Reserve’s dovish outlook and continue to act as a headwind for the dollar.
Recent comments from several Fed officials have indicated that another rate cut in December is a certainty. CME Group’s FedWatch tool indicates a more than 85% probability of a move next week. Furthermore, reports indicate that White House National Economic Council Director Kevin Hassett is seen as the front-runner to become the next Fed Chairman and is expected to follow US President Donald Trump’s calls for lower interest rates, which in turn favors US dollar speculators.
However, the DXY is still on track to post losses for the second week in a row, and the fundamental backdrop suggests that the path of least resistance for the index remains bearish. Therefore, any redemption attempt will likely be sold and remain limited.
US dollar price last 7 days
The table below shows the percentage change in the US Dollar (USD) against the major currencies listed in the last 7 days. The US dollar was the strongest against the Swiss franc.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | -0.51% | -0.75% | -0.93% | -0.57% | -1.35% | -0.79% | -0.24% | |
| euro | 0.51% | -0.24% | -0.45% | -0.06% | -0.84% | -0.30% | 0.28% | |
| GBP | 0.75% | 0.24% | -0.21% | 0.18% | -0.60% | -0.07% | 0.52% | |
| JPY | 0.93% | 0.45% | 0.21% | 0.37% | -0.42% | 0.13% | 0.71% | |
| Canadian | 0.57% | 0.06% | -0.18% | -0.37% | -0.80% | -0.26% | 0.34% | |
| Australian dollar | 1.35% | 0.84% | 0.60% | 0.42% | 0.80% | 0.54% | 1.13% | |
| New Zealand dollar | 0.79% | 0.30% | 0.07% | -0.13% | 0.26% | -0.54% | 0.58% | |
| Swiss franc | 0.24% | -0.28% | -0.52% | -0.71% | -0.34% | -1.13% | -0.58% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select USD from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
