Dollar index stays cautiously lower ahead of Fed

The dollar index is staying cautiously lower on Wednesday, keenly awaiting US Federal Reserves decision on interest rates and further guidance later today. Data yesterday from US Labor Department showed that job openings rose to 7.67 million in October, beating forecasts of 7.20 million. This report indicated a strong labor market, which could weigh on rate cut expectations. Meanwhile, prospect of White House economic adviser Kevin Hassett taking over as Fed Chair might also cap the upside for the greenback Currently, DXY that measures the greenback against a basket of currencies is quoting at 98.83,down marginally on the day.

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