- The DXY Dollar Index is pressured lower by optimism in the bond market.
- The 2-year and 10-year bond yields depreciate to 4.21% and 4.23%, respectively.
- US data indicated a resilient economy, suggesting the Fed could adopt caution in 2025.
The Dollar Index (DXY), which measures the value of the US Dollar (USD) against six other major currencies, falls below 106.00 during Asian hours on Friday, with 2-year and 10-year bond yields hovering at 4.21% and 4.23%, respectively, at the time of writing.
The US dollar faces downward pressure as US Treasury yields decline, driven by rising bond prices following the appointment of Wall Street veteran and fiscal conservative Scott Bessent as the next US Secretary of the Treasury by President-elect Donald Trump.
Markets are closely monitoring upcoming US data for more clues on the direction of the Federal Reserve’s (Fed) monetary policy. On Wednesday, underlying US PCE prices for October met expectations, keeping investors’ hopes alive for another rate cut in December. However, other data indicated a resilient economy, suggesting the Fed could take a cautious approach next year.
The latest meeting minutes of the Federal Open Market Committee (FOMC) for the monetary policy meeting held on November 7, indicated that monetary policy makers are taking a cautious stance on reducing interest rates, citing slowing inflation and a robust labor market.
According to the CME FedWatch tool, futures traders are now pricing in a 66.5% chance of a 25 basis point rate cut in December, up from 55.9% a week ago. However, they expect the Fed to keep rates unchanged during its January and March meetings.
US Dollar PRICE Today
The table below shows the percentage change of the US Dollar (USD) against major currencies today. US dollar was the weakest currency against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.13% | -0.16% | -0.84% | -0.17% | -0.18% | -0.30% | -0.16% | |
| EUR | 0.13% | -0.04% | -0.75% | -0.03% | -0.05% | -0.18% | -0.03% | |
| GBP | 0.16% | 0.04% | -0.73% | -0.00% | -0.01% | -0.14% | 0.00% | |
| JPY | 0.84% | 0.75% | 0.73% | 0.69% | 0.67% | 0.53% | 0.68% | |
| CAD | 0.17% | 0.03% | 0.00% | -0.69% | -0.02% | -0.14% | 0.00% | |
| AUD | 0.18% | 0.05% | 0.01% | -0.67% | 0.02% | -0.13% | 0.01% | |
| NZD | 0.30% | 0.18% | 0.14% | -0.53% | 0.14% | 0.13% | 0.14% | |
| CHF | 0.16% | 0.03% | -0.00% | -0.68% | -0.01% | -0.01% | -0.14% |
The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change shown in the box will represent USD (base)/JPY (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
