The US dollar extends losses as bets on interest rate cuts increase.

The US dollar extended its decline against a basket of currencies, reaching a one-month low, as market expectations for a rate cut in the US increased after President Trump hinted at the possibility of nominating Kevin Hassett as the next Federal Reserve chairman. Analyst Chris Turner from ING Group stated in a report that Hassett's views are seen as being in line with Trump's calls for rate cuts. The market reacted to this news with a weaker US dollar, a faster decline in short-term yields compared to long-term yields, and rising risk assets. Turner noted that this could continue to be a dominant theme in the market until the Fed makes its decision on December 10th. The DXY dollar index fell to 98.968.