A closely watched gauge of the U.S. dollar’s value against a handful of its main rivals sank to its lowest level in 2 months early Tuesday following the release of the October inflation report. The ICE U.S. Dollar Index was down 0.9% at 104.72 in recent trade, its lowest intraday level since Sept. 14, according to FactSet data. The dollar is sinking alongside Treasury yields, which have also tumbled following the release of an October inflation report which showed core prices rose by a slower-than-expected rate last month. Investors now expect the Fed is likely finished hiking interest rates, while traders are pricing in a higher likelihood of at least four rate cuts in 2024.

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