Global Forex Monitor - October 2025
Against a backdrop of declining volatility, the US dollar resumed its slide in September against most currencies, except certain commodity currencies such as the Canadian and New Zealand dollars, with the DXY dollar index making a brief foray below 97 before recovering towards 97.6. The US dollar's depreciation continued to be fuelled by the deterioration of the US labour market as well as the Fed's rate cut on 18 September. The Fed's dot plot supports the scenario of two rate cuts, in October and December, but the market still seems hesitant, as core inflation remained on high at +3.1% in Aug...