The dollar index (DXY00) on Friday fell to a 1-week low and finished down by -0.15%. The dollar moved lower on Friday due to some carryover pressure from Thursday, when a report from Challenger showed US job cuts in October surged by 175% y/y, the most in 22 years, bolstering the outlook for the Fed to keep cutting interest rates. The dollar fell to its lows on Friday after the University of Michigan's US Nov consumer sentiment index fell more than expected to a nearly 3.5-year low.
The dollar is still under pressure from the ongoing US government shutdown. The longer the shutdown is maintained, the more likely the US economy will suffer and the more likely the Fed will have to cut interest rates.
