Dollar index confirms two-month highs at 103.20

The dollar index remained steady at 103.20 on Wednesday, its highest level in more than two months, as traders considered the economic and policy outlook.

Dollar index confirms two-month highs at 103.20

Traders are now assigning a more than 90% chance that the Fed will cut rates by 25 basis points in November, following a 50 basis point reduction in September.

New York Empire State Manufacturing Index hits five-month low

Meanwhile, data on Tuesday showed New York’s Empire State manufacturing index fell to minus 11.9 in October, its lowest reading in five months.

Upcoming data on retail sales, industrial production, and the Philadelphia Fed’s manufacturing index will offer further insights into the strength of the U.S. consumer and industrial sectors.