The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losses for the second consecutive day and reaching its monthly low of 101.20 during Asian hours on Thursday.
ING analysts James Knightley, Carsten Brzeski, Padhraic Garvey, Lynn Song and Chris Turner note that the Dollar has softened after the Democratic sweep in US midterms, though losses have been pared with Nasdaq futures stabilizing.
TD Securities’ Oscar Munoz and Eli Nir expect the FOMC to keep the Fed Funds Rate at 4.00% in October, validating current market pricing while avoiding fresh forward guidance.