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The dollar index (DXY) rose by 0.20% as short covering occurred ahead of the FOMC meeting that began today. The increase followed an unexpected rise in October JOLTS job openings to 7.670 million, a five-month high, signaling a stronger labor market. Markets are anticipating a 90% likelihood that the Fed will cut the federal funds target range by 25 basis points following the two-day meeting.
Expectations surrounding a new Fed Chair also weighed on the dollar, with National Economic Council Director Kevin Hassett rumored as a potential successor to Powell. His nomination could signal a more dovish approach to monetary policy.
In other economic indicators, U.S. September leading indicators fell by 0.3% month-over-month, while German October trade data showed exports rose by 0.1% (below expectations of 0.2%), and imports fell by 1.2% (against an expected decline of 0.5%). Additionally, Japan’s November machine tool orders increased by 14.2% year-over-year amidst rising pressure on the yen, which reached a two-week low.
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