Market News
US dollar set for worst week since July as Fed rate cut looms - REUTERS
Summary
- CME outage disrupts overnight currency trading
- Fed funds futures show 87% odds of December rate cut
- BOJ's Ueda may signal rate hike amid fiscal stimulus
NEW YORK, Nov 28 (Reuters) - The U.S. dollar was heading for its worst weekly performance since late July on Friday as traders increased bets that the Federal Reserve will cut rates again next month.
The dollar has dropped this week as traders conclude that weakening labor data will lead to more rate cuts, even as many Fed policymakers express concern about still-elevated inflation.
"It feels like with the post-shutdown run of releases, it's generally been soft ... the data overall definitely leaned towards a cut," said Eric Theoret, FX strategist at Scotiabank in Toronto.
