The Euro Traded Close to the August High

The dollar came under pressure on Wednesday after China's aggressive stimulus moves buoyed risk appetite, with growing bets of another outsized US rate cut in November adding to headwinds for the greenback. Markets are now pricing in a 59.5% chance of a 50-bp rate cut at the Fed's next policy meeting, according to the CME FedWatch tool. Data showed US consumer confidence unexpectedly fell in September.

Markets are now pricing in a 59.5% chance of a 50-bp rate cut at the Fed's next policy meeting, according to the CME FedWatch tool. Data showed US consumer confidence unexpectedly fell in September.

The euro traded close to the August high. The German economy will recover as high inflation and interest rates fade, but the country still needs major reforms, Bundesbank President Joachim Nagel said.

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.

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