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On Wednesday, the US dollar rebound extended slightly, with the possibility of further rate hikes from the Federal Reserve playing a crucial role. This resurgence follows the Fed’s decision to maintain its policy rate, along with a cooling labor market in the US, which had caused the greenback to hit a seven-week low earlier this week. Market analysts are divided over whether US rates have peaked and when the Fed might begin to ease monetary conditions.

Analysts have been employing a CME FedWatch tool and predict a 16% chance of another interest hike by January, and a 21% chance of rate cuts as early as March. The US dollar index, which recently experienced its sharpest weekly decline in four months, rose by 0.2% to reach 105.73, on track for a weekly gain.

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Key factors contributing to this dollar rebound are the hawkish comments made by Fed policymakers, attempting to counteract dovish rate expectations. Jerome Powell, Chair of the US Federal Reserve, will deliver his now eagerly awaited speech later this week.

The Euro’s standing weakened by 0.2% to $1.0674, influenced by a dimming growth outlook in the eurozone. German industrial production figures for September also fell beyond expectations, bringing concerns of a potential eurozone recession to match the unrecovered UK economy.

The British pound, which hit a seven-week high against the dollar earlier this week, fell by 0.2% to $1.2264. Meanwhile, the Japanese yen edged closer to 150 per dollar, raising concerns about potential currency intervention. On the other hand, the Australian dollar remained relatively stable at $0.6438 after experiencing its largest daily decline in approximately a month.

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