• The market has priced out any more jumbo cuts and now expects 25 bps cuts in both November and December.
• FOMC Minutes showed no additional guidance, Fed members remain data-dependent.
• Markets will eye CPI readings on Thursday.

TheUS Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, is gaining against almost all of its competitors as markets assess the Federal Open Market Committee’s (FOMC) September Meeting Minutes. The Minutes showed that Fed members agreed not to lock themselves into an aggressive easing path.

Despite signs of moderation in the US economy, pockets of resilience remain. This mixed outlook has prompted the Federal Reserve (Fed) to adopt a data-driven approach in determining the pace of its monetary policy, which was confirmed by the release of the September Minutes.