The dollar index (DXY00) today is slightly lower by -0.11%. The dollar is being undercut by today's -6.5 bp decline in the 10-year T-note yield, which undercut the dollar's interest rate differentials.
The dollar is also being undercut as the markets this week slightly boosted the odds for a rate cut at next week's meeting to 7% from 3% on Monday, while the markets are now expecting a 100% chance of a rate cut at the following meeting on September 17-18, up from 97% on Monday.
