The dollar index traded just under 97 in light Presidents’ Day conditions, pressured after US inflation slowed to 2.4% year-on-year and 0.2% month-on-month, reinforcing expectations for rate cuts later this year. 

The US 10-year Treasury yield fell to 4.07%, its lowest since early December, as easing CPI lifted pricing for around 61 basis points of Fed cuts in 2025, with the probability of an April move increasing.

Gold slipped below $5,030 per ounce after a prior 2% surge driven by the same softer CPI print, with expectations for more than two Fed reductions this year still limiting the broader outlook.

Take a look at today's market analysis for more updates!