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Hello everyone, today XM Forex will bring you "[XM official website]: As the Fed's interest rate cut expectations fade and safe-haven capital flows increase, the U.S. dollar index breaks through 100." Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - On Tuesday (November 4), the U.S. dollar index rose to a three-month high, reaching 100.215 before falling slightly. It was the first time since early August that the psychological barrier of 100 was breached, but it failed to surpass the August 1 high of 100.257. The next major technical resistance is the 200-day moving average at 100.421, a level that could determine the direction of the current five-day rally. A decisive break above this level could extend the rally towards the 101.977 target. On the downside, nearest support is defined by the retracement range from 98.714 to 98.238, which also includes the 50-day moving average at 98.279. Fed disagreements cloud rate cut expectations The dollar's gains benefited from weakening expectations for a December rate cut. After the Federal Reserve cut interest rates last week, Chairman Jerome Powell said there would not necessarily be another rate cut in December. Traders have adjusted accordingly, with CME's FedWatch tool now showing a 65% chance of a rate cut in December, down sharply from 94% a week ago. The ongoing government shutdown has suspended the release of official economic data, leaving investors to rely on private data. U.S. factory activity contracted for an eighth straight month, the Institute for Supply Management (ISM) manufacturing survey showed on Monday, underscoring underlying weakness. Still, with no clear policy signals and limited data, the dollar continues to benefit from safe-haven flows and reduced interest rate cut expectations. Sterling and euro weakened by domestic pressures Weakness in sterling and euro further supported the dollar index. UK chancellor Reeves points to fiscal constraints and persistent inflation ahead of budget, GBP/USD fell 0.61% to $1.3057. The euro fell 0.2% to $1.149, near a three-month low. Overall risk sentiment remains defensive, increasing buying demand for the U.S. dollar.
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