Dec. 11, 2025 7:45 AM ETUS Dollar Index (DXY), SPX, SP500USDU, UUP, UDN, FXA, FXC, FXY, YCL, YCS, EROTF, ULE, EUO, FXE, JEMTF, CEW, PGDDF, FXB, GBBEF, FXFMarc Chandler17.09K FollowersCommentsSummaryThe dollar was sold in response to yesterday's FOMC decision. There has been limited follow-through selling in Asia and Europe today. The greenback is mixed as North American participants return.The Swiss franc is the strongest after the central bank left its key policy rate and zero and reaffirmed a high bar to a return to negative rates. The disappointing Australian labor report encouraged the market to push out the first hike next year, and the AUD fell amid profit-taking.EM currencies are mixed. The PBOC set the dollar's reference rate at a new low since last October, and both the on- and offshore yuan extended their gains.Most of the large Asian-Pacific equity markets were sold, and perhaps there is a spillover effect of Oracle's (ORCL) disappointing results. The notable exceptions in the region were Australia, New Zealand, Singapore, and India.Europe'sSTOXX 600 (STOXX) isposting a small gain, extending yesterday's gain. The S&P futures (SPX) are off by about 0.5% andthe Nasdaq futures (NDX) areoff around 0.7%.baona/iStock via Getty ImagesOverviewThe dollar (DXY) was sold in response to yesterday's FOMC decision. There has been limited follow-through selling in Asia and Europe today. The greenback is mixed as North American participants return. The Swiss franc is theThis article was written byMarc Chandler17.09K FollowersMarc Chandler has been covering the global capital markets in one fashion or another for 25 years, working at economic consulting firms and global investment banks. A prolific writer and speaker he appears regularly on CNBC and has spoken for the Foreign Policy Association. In addition to being quoted in the financial press daily, Chandler has been published in the Financial Times, Foreign Affairs, and the Washington Post. In 2009 Chandler was named a Business Visionary by Forbes. Marc's commentary can be found at his blog (www.marctomarket.com) and twitter www.twitter.com/marcmakingsenseCommentsQuick InsightsThe FOMC's hawkish cut pushed DXY below its recent range, with technical targets at 98.30 and 97.80, suggesting further downside risk.EUR/USD is consolidating near multi-week highs ahead of the ECB meeting, while GBP/USD is supported by expectations of a BoE cut next week and further easing in 2026.Disappointing jobs data led to AUD profit-taking and delayed rate hike expectations, with futures now assigning an 87% chance of a hike by mid-2026.Recommended For You