Analyst Francesco Pesole from ING Groep stated that due to high short-term overnight index swap (OIS) rates, the USD continues to rise against the trend. Pesole mentioned that the market generally expects the Federal Reserve to cut rates by 25 basis points this week, but this may indicate that the Fed will be cautious with rate cuts in the future, as the market anticipates. He added that unless the Fed signals more rate cuts than what the market pricing contains, the current 2-year USD overnight index swap rate of about 4.0% should prevent the USD from experiencing a significant decline in typically weak months. The DXY Index rose by 0.1% to 107.007 points.