DXY: FX volatility eases on thin thanksgiving trading – DBS

FXStreetNov 28, 2025 9:41 AM

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With subdued holiday trading and a mixed Beige Book, the US Dollar (USD) steadies as markets see little impetus for a sharper move lower, DBS' Senior FX Strategist Philip Wee notes.

DXY holds steady as markets pause

"With thinner trades due to the US Thanksgiving holiday, FX volatility has eased with the Dollar Index (DXY) consolidating around mid-99 levels."

"The Fed Beige Book released overnight was mixed. Overall consumer spending declined further, though higher-end retail spending remained resilient. While labor demand is weaker for half of the reporting Districts, prices rose moderately with widespread input cost pressures due to tariff-induced increases."

"The mixed picture supports the Fed’s cautious approach to cutting rates, and a resultant tepid decline of the USD."

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