US Dollar Index (DXY) hits fresh low since October, around 97.80 amid Fed rate cut bets

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The USD attracts sellers for the third straight day amid dovish Fed expectations.
US President Donald Trump said the next Fed chair must commit to lower rates.
Bets for two more Fed rate cuts in 2026 back the case for a further USD decline.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, prolongs its weekly downtrend for the third straight day and drops to a fresh low since early October during the Asian session on Wednesday. The index currently trades around the 97.80 region, down over 0.10% for the day, and seems vulnerable to slide further.

The growing acceptance that the US Federal Reserve (Fed) will ease monetary policy further in 2026 overshadows the upbeat US growth figures and continues to undermine the US Dollar (USD). In fact, the US Commerce Department reported that the world's largest economy expanded by 4.3% annualized pace during the July–September period, stronger than consensus estimates and the 3.8% rise recorded in the previous quarter. Traders, however, are still pricing in two more rate cuts by the Fed next year on the back of softer inflation and signs of a cooling US labor market.

US President Donald Trump declared that any candidate for the role of the Fed Chair must commit to lowering interest rates even when the economy is performing well. This adds to the uncertainty around the Fed's long-term policy credibility and validates the negative outlook for the DXY. However, the year-end thin liquidity warrants caution for aggressive bearish traders and positioning for a further depreciation move. Market participants now look forward to the release of the usual US Weekly Initial Jobless Claims data for some impetus later during the North American session.

US Dollar Price This week

The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Euro.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.64%	-1.02%	-1.22%	-0.83%	-1.44%	-1.77%	-0.91%
EUR	0.64%		-0.37%	-0.61%	-0.20%	-0.80%	-1.14%	-0.27%
GBP	1.02%	0.37%		-0.13%	0.18%	-0.44%	-0.77%	0.10%
JPY	1.22%	0.61%	0.13%		0.40%	-0.18%	-0.52%	0.22%
CAD	0.83%	0.20%	-0.18%	-0.40%		-0.54%	-0.94%	-0.08%
AUD	1.44%	0.80%	0.44%	0.18%	0.54%		-0.04%	0.55%
NZD	1.77%	1.14%	0.77%	0.52%	0.94%	0.04%		0.88%
CHF	0.91%	0.27%	-0.10%	-0.22%	0.08%	-0.55%	-0.88%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar 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).