The dollar index (DXY00) today is down by -0.14%. The dollar is under pressure today from strength in the yuan after Chinese leaders signaled it will expand fiscal spending and ramp up “extraordinary policy adjustment” to boost the economy. Also, an unexpected decline in US Oct wholesale sales was bearish for the dollar. In addition, the dollar is also weighed down by expectations that the FOMC will cut interest rates by 25 bp at next week’s policy meeting. Higher T-note yields today are limiting losses in the dollar.
US Oct wholesale trade sales unexpectedly fell -0.1% m/m, weaker than expectations of +0.2% m/m and the first decline in four months.
