Dollar Falls amid Major Rate Cut Anticipation

The US dollar index fell more than 0.5% Today after China's aggressive stimulus moves buoyed risk appetite, with growing bets of another outsized US rate cut in November adding to headwinds for the greenback. Against a basket of currencies, the US dollar last stood at 100.26, languishing near a more than one-year low of 100.21. The Aussie peaked at $0.6908 in the early Asian session, its highest since February 2023, while the kiwi rose to a nine-month top of $0.63555. The onshore yuan rose to a 16-month top of 7.0012 per US dollar. Elsewhere, sterling advanced 0.1% to trade at $1.3430, a level not seen since March 2022. The euro gained 0.14% to $1.1195, hovering near a 13-month high hit last month, while the yen eased slightly to 143.32 per dollar. Source: Oman News Agency