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Currency Market Analysis

Global Themes

The weekslong rally in the U.S. dollar cooled Wednesday as rival currencies from the U.K. and Australia caught breaks. The dollar has been on a tear this month as generally upbeat U.S. data have bolstered expectations for the Federal Reserve to raise lending rates. Scope for dollar weakness looks limited with markets pricing in a 78 percent chance of the Fed raising rates in December. The Fed renders its next rate decision in a week but isn’t expected to tinker with policy so close to the Nov. 8 presidential election. Sterling bounced above $1.22 after remarks Tuesday from Britain’s central ba

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