US Dollar dips to its lowest level since July, dovish bets on the Fed weigh

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• The DXY Index fell to its lowest level since July, below 101.00.
• Markets are placing bets on six rate cuts by the Federal Reserve for 2024.
• As for now, investors are pricing in the first cut in March.

The US Dollar (USD) continues to experience sharp losses, with the US Dollar Index (DXY) trading at 100.95 its lowest level in five months. This downturn has been largely driven by dovish bets taking precedence following the release of soft US Personal Consumption Expenditures (PCE) Price Index figures last week.