The US dollar has stayed lower. In the opinion of economists at Société Générale, the US Dollar Index (DXY) could see a fall of another 2%.

DXY unable to revisit last month’s high of 114.78

“The DXY has not managed to revisit last month’s high of 114.78 despite the new high for 2Y UST yields, and that’s certainly not positive.”

“There could be another 1.5-2% in this down-move if we follow the logic of early October, but cheaper levels could attract buyers before the November FOMC.”