Analysts: The dollar fell because the Federal Reserve is more likely to cut interest rates in November

Brooks, an XTB analyst, said the dollar fell because the Federal Reserve seemed more likely to cut interest rates in November and less likely to keep them on hold. U.S. money markets showed a mere 5 percent chance of the Fed not cutting rates in November, down from 12 percent previously, according to data from LSEG Refinitiv. Meanwhile, polls show a very tight race for the US Presidential Election in November. She said the lack of a clear election result would hit sentiment and weigh on economic growth, potentially leading to more rate cuts. (Jin Ten)