Dollar Set for Weekly Decline

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The dollar index steadied around 101.8 on Friday but was still set to decline for the second straight week, weighed down by firm expectations that the Federal Reserve will start cutting interest rates next year. Data on Thursday showed that US economic growth wasn’t as strong as previously indicated in the third quarter, while the number of Americans filing new claims for unemployment benefits rose marginally last week. Investors now look ahead to Friday’s US core PCE reading, the Fed’s preferred inflation gauge, to better guide the monetary policy outlook. The core PCE index is expected to rise by 0.2% month-on-month in November while the annual rate is predicted to decline to 3.3%, marking its lowest level since 2021.

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