The CME's Fed Watch tool now puts a 58 per cent chance of a 50 basis point cut in November. Marc Chandler of Bannockburn said expectations that the Fed would cut rates by another 50 basis points in November weighed on the dollar yesterday, although it has now recovered. The September Conference Board consumer confidence index was lower than expected yesterday, indicating weak consumer confidence, particularly in the labour market, and fuelling speculation of another 50 basis point cut.