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2025-10-29 11:28:40
[US Dollar Hovering at a One-Week Low as Markets Await the Fed's Interest Rate Decision] 1. The US dollar hovered near a one-week low against major currencies on Wednesday, with the market widely expecting the Federal Reserve to announce a rate cut later that day. The US dollar index remained steady at 98.75, up about 0.04%, after a slight drop of 0.1% the previous day, hitting a new one-week low of 98.55. Traders are closely watching Fed Chairman Powell's guidance at the press conference, particularly any confirmation of a December rate cut, which could trigger market volatility. 2. The US dollar fell 0.3% against the Japanese yen to 151.53, extending its two-day decline. It is currently trading around 151.93, having narrowed its losses to 0.1%. US Treasury Secretary Bensoner's social media post hinted that the new Japanese government is open to a central bank rate hike, adding to pressure on the dollar. The Bank of Japan will announce its policy decision on Thursday, and is expected to keep interest rates unchanged, but the market is watching for clues about a potential December rate hike. Japanese Prime Minister Sanae Takaichi urged the Bank of Japan to maintain accommodative policies, but emphasized that policy is determined by the central bank. Bensoner has repeatedly criticized the Bank of Japan for its slow pace of rate hikes. 3. The currency market is also focused on the meeting between US President Trump and Chinese President Trump in South Korea on Thursday. The European Central Bank will also announce its policy on Thursday, and is expected to keep interest rates unchanged. The euro fell slightly against the dollar to 1.1642, a drop of approximately 0.07%.
