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The U.S. dollar index remains volatile as Trump attacks Powell again
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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market Analysis]: The U.S. dollar index remains volatile, Trump once again attacks Powell." Hope this helps you! The original content is as follows:
On October 29, in early trading in Asia on Wednesday, Beijing time, the U.S. dollar index was hovering around 98.64. On Tuesday, investors focused on the upcoming Federal Reserve interest rate decision, and the U.S. dollar index remained volatile, eventually closing down 0.08% at 98.71. The benchmark 10-year U.S. Treasury yield finally closed at 3.9800%, and the 2-year U.S. Treasury yield, which is sensitive to the Fed's policy rate, closed at 3.4980%. As the prospect of improved trade weakened gold's safe-haven appeal, spot gold fell to a three-week low, once falling below $3,900, and finally closed down 0.73% at $3,952.71 per ounce; spot silver finally closed up 0.13% at $47.05 per ounce. International oil prices fell as investors weighed the impact of sanctions on Russia and OPEC+ production increases. WTI crude oil finally closed down 2.23% at US$60.05/barrel; Brent crude oil finally closed down 2.77% at US$63.87/barrel.
Analysis of major currency trends
U.S. dollar index: As of press time, the U.S. dollar is hovering around 98.64. The market generally expects the Federal Reserve to cut interest rates by 25 basis points at the October meeting, and has strong expectations for another interest rate cut during the year? Technically, if the U.S. dollar index falls back below the 98.50 level, it will move towards the nearest support level, which is in the 98.00-98.20 range.



Gold and crude oil market trend analysis
1) Gold market trend analysis
In the Asian market on Wednesday, gold hovered around 3972.38. Gold's downside expanded as hopes of progress in U.S.-China trade talks dented its safe-haven appeal. Traders will be closely watching the Federal Reserve's interest rate decision later on Wednesday.

2) Crude oil market trend analysis
On Wednesday in the Asian market, crude oil was trading around 60.07. According to Reuters and Bloomberg, citing sources, the cartel will increase its production target by 137,000 barrels per day, bringing total output to nearly 1.66 million barrels per day. While the move signals confidence in market stability, it also raises concerns about potential oversupply, which could weigh on prices in the short term.

Foreign exchange market trading reminder on October 29, 2025
17:00 Swiss ZEW Investor Confidence Index in October
17:30 British Central Bank mortgage loan approval in September
21:45 Add Canada until October 29, the central bank’s interest rate decision
22:00 US September existing home contracted sales index monthly rate
22:30 US until October 24 EIA crude oil inventory for the week
22:30 US until October 24 that week Weekly EIA Cushing crude oil inventory
22:30 EIA strategic petroleum reserve inventory in the United States for the week to October 24
The next day at 02:00 the Federal Reserve FOMC announced the interest rate decision
The next day at 02:30 Federal Reserve Chairman Jerome Bowie I held a monetary policy press conference
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