Dollar steady at August high on US rates view, election
Federal Reserve will take a measured approach to interest rate cuts, while a close battle in the upcoming U.S. election kept investors on edge.
The dollar's strength, boosted by rising Treasury yields, kept the pressure on the yen, euro and sterling — a theme that has been building over the past few weeks as data showed the U.S. economy remained in a good place, resulting in traders scaling back their bets of large and rapid rate cuts from the Fed.
Four Federal Reserve policymakers expressed support on Monday for further rate cuts, but appeared to differ on how fast or far they believe any cuts should go.
The diverging views provided a taste of what might be expected at the Fed's upcoming policy meeting on Nov. 6-7.
Markets are pricing in an 89% chance of the Fed cutting rates by 25 basis points (bps) next month, versus a 50% chance a month earlier, when investors saw an equal likelihood of a larger 50 bps cut, the CME FedWatch tool showed.
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