The US dollar continues to weaken, analysts expect the Federal Reserve to hold rates steady in December

According to ChainCatcher, citing Golden Ten Data, the September non-farm payroll report showed an unexpected rise in the unemployment rate, causing the US dollar to continue its weakening trend. Analysts at Danske Bank pointed out that the increase in the unemployment rate was due to a rise in labor supply, which eased the tightness in the labor market and boosted market expectations for a Federal Reserve rate cut, leading to a slight decline in US Treasury yields and the US dollar. However, analysts emphasized that this data is not yet strong enough to serve as a clear signal for a Fed rate cut, and it is expected that the Fed will remain on hold in December, with the current market pricing in about a 32% probability of a rate cut.