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Dollar firms as hawkish Fed expectations lift DXY toward 102.85

ING said money markets already price a 25 basis point move in December, keeping the US dollar supported as Treasury yields rise.

Reported · Written up by our desk · Major Pairs

FXStreet highlights ING’s Chris Turner’s view that the US dollar is staying supported after September FOMC minutes indicated the Fed still expects another rate hike this year.

Turner pointed to market pricing for a 25 basis point December move, plus expectations of further tightening in 2027, alongside elevated Treasury yields, rising volatility, and strong demand at the latest US 10-year auction.

ING sees the US Dollar Index, or DXY, grinding toward 102.85, describing the Fed tone in the minutes as hawkish.

Latest closeDollar index 102.19 ▲0.3%

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