The U.S. dollar fell for the tenth straight day, as disappointing economic data boosted expectations of a Federal Reserve rate cut next week.
In premarket trading today, the dollar index fell 0.1% to 98.786, remaining near a five-week low and down nearly 9% for the year.
The dollar also lacked support from Wednesday’s Nov ISM services index, which unexpectedly increased to a 9-month high.
The lackluster dollar shows that investors have also been cautious, following President Trump’s announcement on Tuesday that he plans to reveal his choice for the new Fed Chair in early 2026. Kevin Hassett, the Director of the National Economic Council, is considered Trump’s frontrunner to replace Powell.
Analysts have suggested that appointing Hassett could weaken the dollar, as bond investors have voiced concerns to the U.S. Treasury that Hassett might aggressively cut rates to align with Trump’s preferences.
LSEG data indicates that traders currently hold an 85% probability of a quarter-point rate cut next week.
By CEO NA Editorial Staff
