Overview
- The Dollar Index hovered near 99.82, its highest since August, extending gains after last week’s policy move.
- The Fed cut rates by 25 basis points and Chair Jerome Powell cautioned against assuming another cut this year, while Governor Stephen Miran urged a faster shift toward neutral.
- Investors focused on ADP and ISM updates for guidance as the U.S. government shutdown is expected to delay the official nonfarm payrolls release, with ISM manufacturing showing continued contraction.
- The yen traded near 154 per dollar with intervention risk eyed toward 155, the euro and pound touched multi‑month lows ahead of the Bank of England meeting, and the Aussie and kiwi stayed weak before the RBA decision.
- OPEC+ approved a modest 137,000 bpd output increase for December and signaled a pause on further hikes through the first quarter of 2026.