The dollar index lost some momentum today following an over half a percent rally in the precious session amid hawkish comments from Federal Reserve Chair Jerome Powell. Fed Chair remarked that another rate cut in December is uncertain. He stated at the post-meeting press conference that another rate cut in December is far from certain, pushing the yield on the 10-year Treasury above 4%. The Fed delivered a widely expected quarter-point rate cut and announced plans to end its balance sheet drawdown on December 1. Meanwhile, the dollar index that measures the greenback against a basket of currencies is trading at 98.97, down marginally on the day after having hit a two-week high of 99.17 yesterday.
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