US Dollar Rises to Two-Month Highs Ahead of CPI Data

The U.S. dollar strengthened on Wednesday, buoyed by minutes from the Federal Reserve's September meeting, which revealed broad support for a significant 50-basis point rate cut.

Amo Sahota from Klarity FX noted that the market had been anticipating both the minutes and the upcoming inflation report, with the recent strong jobs data acting as a catalyst for the dollar's rise. He highlighted that Fed Chair Jerome Powell had to win over more policymakers than expected, with only one dissenting voice, Fed Governor Michelle Bowman.

Dallas Fed President Lorie Logan expressed her support for last month's rate cut but advocated for smaller reductions moving forward due to ongoing inflation risks and economic uncertainties.

Investors should brace for volatility today, especially with CPI data being released at 12:30 UTC, which often leads to significant market movements.

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