US dollar regains footing as traders pare bets on big Fed rate cut

"Currency markets are seeing a bout of mean-reversion: after Friday's payrolls report and subsequent Fed speakers failed to build a convincing case for an emergency-scaled cut at next week's central bank meeting, cross-currency rate differentials are moving back into their longer-term ranges, and the dollar is powering higher," said Karl Schamotta, chief market strategist at Corpay Reuters: US dollar regains footing as traders pare bets on big Fed rate cut